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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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Precise Mortgages to host nationwide specialist lending masterclasses

14 June 2017

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.

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Work starts on new offices for CCFS

13 June 2017

Work has started on new state-of-the-art offices for Wolverhampton-based Charter Court Financial Services (CCFS) as it continues to grow its business and expand its local footprint.

Plans for the new building at Wolverhampton Business Park include a three-storey office complex boasting cutting edge technology, environmentally aware design, and on-site parking for staff.

CCFS, which was recently named one of the UK’s most inspiring companies by the London Stock Exchange Group, took up residence at the Broadlands site in 2008 with just 28 members of staff. Since then, the business has grown dramatically to its current headcount of more than 500, drawing staff and skills from the local community.

This expansion is a result of carefully planned diversification from its core activity of credit risk analysis into mortgages and, more recently, savings accounts. Exact Mortgage Experts, Precise Mortgages and Charter Savings Bank, the three brands under the CCFS umbrella, work as one well-oiled machine.

Ian Lonergan, CEO at CCFS, says the continued growth and success of the company is down to the skills, commitment and enthusiasm of its staff.

“We select carefully at interview but then we make sure that working for CCFS is something people can be proud of” he said. “Staff turnover is low and feedback from our annual surveys shows that employees feel valued by the business and enjoy working here. As one of the founders of the business, that gives me a great sense of achievement.”

The new office space will house approximately 250 people. The business is working closely with architects and Wolverhampton City Council to ensure the build has minimal impact on the local environment and its residents. Traffic impact assessments have taken place and there are assurances that a new road junction will minimise any pressure on the location.

City of Wolverhampton Strategic Director for Place, Tim Johnson said “CCFS is one of the City of Wolverhampton’s success stories and is an important cog in the Midlands Engine. It is a prime example of companies thriving in Wolverhampton where there is now £3.5bn of investment delivering jobs, prosperity and growth”.

In keeping with the business' commitment to supporting its community, local suppliers have been sourced for everything from office furniture to security systems. Staff will benefit from the best innovations in office layout planning, while the building will be protected by a variety of on-site security measures. Industry experts will advise on all aspects of IT and data protection.

Alan Cleary, Managing Director at CCFS, sees a great future in Wolverhampton for the business “We've come a long way in a short space of time and there's still more for us to do. Any business is only as good as its people. We've built a great team here which deserves the best in terms of career progression and working environment.”

“For the last two years we've been ranked in the top 10 of the Sunday Times 100 Best Companies to Work For. Hopefully next year we'll be celebrating top 10 again in our new offices”.

With plans for yet more expansion over the coming years, CCFS will also continue to occupy the space it already uses at Wolverhampton Business Park.

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