Latest news

Shaking off second charge loan misconceptions

26 September 2017

James Briggs, National Sales Manager, Second Charge Loans

Second Charge Loans aren’t just for customers with adverse credit. Whilst they are used by customers with less than perfect credit profiles, most of them are used by prime borrowers who need to raise funds quickly, want to protect an existing first charge rate or want to avoid the early repayment charges that a remortgage could incur.

Although they’re recognised within the industry, they’re not so well known by the general public. Brokers can raise awareness by bringing them to the attention of customers who are looking to raise capital. Customers will probably describe a scenario and this is where a knowledgeable broker comes into their own, identifying opportunities when a Second Charge Loan could be the solution for their customer’s needs.

If your customer decides a Second Charge Loan is the right product for them, we’ve made it as easy as possible to apply for one with us. You have two choices of how to submit your applications – either directly through our in-house specialist team or through our approval panel of Master Brokers.

By coming to us directly, you’ll benefit from the support of one of our experienced underwriters who will help you from start to finish. You’ll still be in control of the arrangement fees and you’ll be able to apply your normal fee structure. Furthermore, you’ll receive a 1.25% proc fee.

If you choose to use one of our approved panel of Master Brokers, they will use their experience and specialist knowledge to arrange your applications. To view the panel, click here.

To introduce a case directly, speak with our underwriters by calling 0333 240 6054. To discuss a case you’d like to introduce via a Master Broker, call 0800 116 4385.

Click here to view our Second Charge Loans range

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Precise Mortgages updates website with new portfolio process

21 September 2017

Precise Mortgages, the specialist lender, is helping brokers prepare for the Prudential Regulation Authority’s (PRA) upcoming portfolio landlord changes by launching its portfolio proposition online.

The lender has published new documents and the process brokers will need to comply with after the PRA’s changes come into effect on 30th September.

Once the changes are implemented, Precise Mortgages will require brokers to submit a business plan, an assets and liabilities statement, and details of their customer’s residential property portfolio.

Brokers will not need to key the additional information into the system. The heavy lifting will instead be done by a dedicated portfolio team Precise Mortgages has set up to ensure brokers are affected as little as possible by the changes.

Managing Director Alan Cleary said: “We’re giving brokers a head start by making our forms accessible more than a week before the PRA’s new underwriting standards for portfolio landlords come into force.

“It means brokers can start collecting their customer’s information in advance and be ready in plenty of time. Once the portfolio team has input the information into the system, it will remain valid for six months making future applications even more straightforward.”

Precise Mortgages’ portfolio landlords criteria highlights include:

  • Up to 20 buy to let mortgages with Precise Mortgages up to a combined maximum of £5m. Unlimited with other lenders.
  • No limit on size of existing portfolio.
  • Licensed and unlicensed HMOs accepted up to 8 bedrooms with separate ASTs.
  • No limit on the number of director dependant shareholders under the age of 25 on Limited Company applications.
  • Bespoke ICR calculations on new applications to reflect the landlord’s tax position.
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Precise Mortgages to do the Heavy Lifting on Portfolio Underwriting

14 September 2017

Precise Mortgages, the specialist lender has announced its approach to Portfolio Landlords ahead of the implementation of phase two of the PRA’s underwriting standards due on the 30th September.

Central to the lender’s proposition is the creation of a Portfolio Team whose role is to do the heavy lifting for mortgage intermediaries and to help with the additional information required by the new regulations. The additional information required will be a Business Plan, Assets and Liability Statement and details of the existing residential property portfolio.

Highlights of the proposition are:

  • The are no changes to the DIP or application systems.
  • There is no need for mortgage intermediaries to key the existing portfolio into the lender’s systems.
  • Additional information can be supplied in any format including the lender’s own forms.
  • The Portfolio Team will input the additional information into the lender’s systems.
  • Once the Portfolio Team have input the existing portfolio it will remain valid for six months making future applications more straightforward.
  • The lender has built an in-house portfolio platform that will help assess the existing portfolio and includes the use of AVMs to calculate LTVs and ICRs.

The lender’s criteria is largely unchanged with the exception that the existing residential portfolio may be subject to interest rate stressing depending on the assets and liabilities of the landlord. Typically the interest rate stress will reflect the new business market in terms of customer type and ICR calculations.

Criteria Highlights Unchanged:

  • Up to 20 buy to let mortgages with the lender subject to a combined maximum of £5m.
  • No limit on size of existing portfolio.
  • Licensed and unlicensed HMOs accepted up to 8 bedrooms with separate ASTs.
  • On Ltd Company applications no limit on the number of director dependant shareholders under the age of 25.
  • Bespoke ICR calculations on new applications to reflect the landlord’s tax position.

The new forms referenced above will be available on the lender’s website week commencing 25th September.

Managing Director Alan Cleary said: “We thought long and hard about how we could minimise the disruption to the mortgage intermediary and to the landlord whilst meeting the new requirements and have invested a significant amount of money and resources to make sure that we take as much of the burden as possible.”

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Precise Mortgages appoints another two Business Development Managers

07 September 2017

Precise Mortgages, the specialist lender, has appointed another two members to its growing Sales Team to ensure brokers get the support they need.

New Business Development Managers Claire Aston and Chris Dolan will look after intermediaries in the West Midlands region and the North East/Yorkshire areas respectively.

Claire joins Precise Mortgages from Lloyds Banking Group, where she spent 22 years in regional manager and national account manager roles, while Chris brings a wealth of experience from positions with Atom Bank and Nationwide.

Claire said: “I heard a lot of positive feedback about Precise Mortgages before I started. I’m excited to join such a dynamic forward-thinking organisation.”

Chris said: “It’s an interesting proposition and I can’t wait to get out there and share the education that Precise Mortgages is so well known for.”

Jamie Pritchard, Head of Sales for Precise Mortgages, added: “I’m delighted that Chris and Claire have joined our expanding Sales Team. Brokers in their regions have been asking for regional contact for some time, and I’m pleased to welcome two recruits of the highest calibre.

“Both of them are excellent additions to the team and will help to promote all areas of Precise Mortgages’ products.”

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Matt Yates joins Precise Mortgages' growing sales team

06 July 2017

Precise Mortgages, the specialist lender, has welcomed Matt Yates to its Sales Team to provide expert support to its network of intermediaries in the East Anglia region.

Matt joins as a Business Development Manager, a new role created to boost its presence in the Cambridge, Chelmsford, Colchester, Ipswich, Norwich and Peterborough areas.

Matt was previously a BDM at Platform, the intermediary lender of the Co-operative Bank, where he developed a range of key broker contacts.

Jamie Pritchard, Head of Sales for Precise Mortgages, said: “Matt is a perfect fit for the role and will be helping mortgage intermediaries in his area access our vast range of products.”

Matt added:  “I’ve been keeping a keen eye on Precise Mortgages for many years and have watched their growth with interest. This role feels like a perfect opportunity for me and I’m looking forward to helping the business grow further.”

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