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:
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 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:
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.”
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.”
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.”
Brokers who want to learn more about specialist lending and how to spot new business opportunities have been invited to a nationwide series of masterclasses organised by Precise Mortgages.
The masterclasses, which are being hosted by Precise Mortgages’ Head of Sales Jamie Pritchard, are being held in locations around the country throughout July.
The much anticipated series kicks off in Milton Keynes on Tuesday 4th. It moves on to Brentwood on Wednesday 5th, Reading on Thursday 6th and Leicester on Tuesday 11th. Next on the list is Norwich on Wednesday 12th, Manchester on Tuesday 18th, Barnsley on Wednesday 19th and, finally, Newcastle on Thursday 20th.
During the three-hour masterclasses, Jamie will cover a number of topics, including the pros and cons of a Limited Company structure for landlords, changes to buy to let underwriting standards and new tax rules. He will also discuss the options available to customers with adverse credit, and look at different methods of finance, such as bridging and second charge loans.
Jamie encouraged brokers interested in attending the masterclasses to reserve their place quickly.
“Places are limited and the masterclasses are filling up quickly,” he said. “Anyone interested in learning more about specialist lending and how it can help add value to their business should book early to avoid missing out.”
He added that all attendees completing a masterclass would receive a certificate which would confirm three hours of CPD.
Places can be reserved by visiting https://www.surveymonkey.co.uk/r/SLMCJuly2017 and completing the online form.