Mortgage News
Precise Mortgages attracts new funding
Precise Mortgages’ managing director, Alan Cleary, has revealed it has attracted new funding, which it plans to bring into the buy-to-let sector next year.
Speaking at the CML Mortgage Industry Conference Exhibition (MICE), Cleary told the audience that wholesale funding in the buy-to-let sector remained the biggest issue for lenders.
He said: “A dynamic market requires diverse funding models. We have attracted funding from different sources of business and do not rely on capital funding. We hope to implement this in the coming year.”
He added: “We see a gap in the market, especially with lenders asking buyers for larger deposits, therefore new funding measures will be a major driving force in helping the market to recover.”
Earlier at the conference, CML chairman Matthew Wyles said that gross lending for the year would be £137bn and would need to grow to £200bn next year to maintain the market’s recovery.
Cleary said that there needed to be a return of the securitisation market in order to reach that target.
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When asked about the Mortgage Market Review (MMR) and its impact on lending, Cleary told delegates that a lot of the review seemed to be on the right track.