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Why specialist lending isn’t as complicated as you think

Claire


Claire, Business Development Manager

Published 17.07.2019

When I ask brokers why they’re not placing more specialist lending cases, one of the main reasons they give me is they think they’re just too complicated.

They tell me they’re put off by the reams and reams of documentation they think they’ll need to provide, or that it will take too long to complete the paperwork, or they’ll struggle to place the case because the customer is self-employed or has a less than perfect credit profile. The list can stretch on and on…

However, I think the real reason is a fear of the unknown; we all instinctively stick to what we’re familiar with. But as customers’ needs evolve and the market changes with them, embracing specialist lending could mean the difference between helping more customers and missing out on a lot of new business.

This is where a specialist lender such as Precise Mortgages can help. We manage these sort of cases every day. We’re experienced at helping customers, whether that’s with unusual income or unusual credit histories. To us, unusual is the norm and we’ve made it as easy as possible for you to place your cases with us.

Take the belief that you’ll need to provide a lot of documentation, for example. Say you’re approached by a self-employed customer who wants to buy their first buy to let property, but they’ve got a small credit blip on their record due to a missed store card payment from a couple of years ago. They want the security of a five year fixed rate product with a loan to value of more than 60%.

You might think that’s complicated, however, we’ll only need to see:

  • A Standard Declaration Form
  • An SA302 or tax calculation, if they’re a basic rate taxpayer
  • Evidence that they’ve got the net worth, liquid assets or excess disposable income to cover any rental shortfall

That’s just three pieces of paperwork for what, on the face of it, looks like quite a complex case and which you might struggle to place in the high street.

Our technology driven underwriting and credit risk management processes mean we can be more expansive in our mortgage and loan approvals, helping customers underserved by mainstream lenders.

It’s all backed up by an experienced team of industry experts who can give you quick decisions on your cases in minutes.

To find out more about how specialist lending could be the solution you and your customers have been looking for, contact our Sales Team or call our dedicated support service on 0800 116 4385.


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