View more on these topics

Precise eyes new products and says ‘business as usual’

Cleary-Alan-2012-700x450.jpg

Precise Mortgages plans to launch more fixed rate products following Brexit and says it is “business as usual”, according to managing director Alan Cleary.

In a letter to brokers, master brokers and packagers, Cleary said the management team at Precise parent Charter Court Financial Services were prepared for Brexit.

He said: “To ensure we built a strong liquidity position in the case of a Brexit causing uncertainty in the financial markets, Charter Savings Bank has been in the top of the best buy tables for months.

“As a result we are in a very strong position over and above the statement made by Mark Carney on Friday that they have an additional £250bn of liquidity available to banks through normal BofE operations.”

Cleary added that it was “business as usual” at Precise and that the firm might launch some new products “taking advantage of the reduction in swaps, especially in 5 and 10 year products”.

He said: “Our strategy is unchanged and we will continue to supply mortgage products into the intermediary market and to support our distribution partners wherever we can.”

Recommended

Cleary-Alan-700.jpg

Precise offers seconds directly to PMS brokers

Precise Mortgages is now letting directly-authorised PMS mortgage club brokers submit second charge business directly. A statement from PMS says the move will give brokers more choice and will not cut out its master broker panel. PMS head of lender relationships Jame Benjamin says: “We have certainly seen increased interest in second charges following the […]

Real-Estate-Agent-House-For-Sale-London-700.jpg

Precise’s backers pursue IPO after ditching sale plans

Precise’s backers have reportedly pulled the plug on a potential sale after bids did not reach its asking price. Sources told Sky News the bids were 10-15 per cent below the £400m asking price as potential investors sought to price in a potential Brexit and a regulatory clampdown on buy-to-let. Mortgage Strategy understands backers Elliott […]

Cleary-Alan-2012-700x450.jpg

Precise launches direct-to-broker second charge arm

Precise Mortgages is launching a direct-to-broker second charge arm. The lender says this gives mortgage brokers more choice in how they submit second charge lending cases. Traditionally lender have opted to receive second charge business from master brokers only. Precise will pay a 1.25 per cent procuration fee for direct business, the same as if […]

Abe and Modi

India: Modi, reform and the oil price fall

Nearly 12 months since sweeping to power, prime minister Narendra Modi has overseen a significant turnaround in India, which is now on track to become one of the most pro-growth, pro-investment economies in Asia. While the market has rallied 48 per cent over the last year in response to Modi’s reform agenda, what is the potential for further progress?

Newsletter

News and expert analysis straight to your inbox

Sign up