You are here: Home - News -

Precise Mortgages lays out new-build lending target for next year

by:
  • 19/10/2015
  • 0
Precise Mortgages lays out new-build lending target for next year
Precise Mortgages has revealed it aims to write £250m of new build mortgage lending in 2016 more than double its predicted lending in the sector this year.

The lender, which launched into the new-build market in 2013, said it expected to advance between £80m and £100m of new-build loans by the end of 2015.

It is currently processing around seven to eight cases a day and wants to see this number rise by 50% in 2016.

Managing director Alan Cleary (pictured) told an audience of new-build specialists at the British New Homes Mortgage Senate, a Mortgage Solutions event, he was frustrated at the over-reliance on Halifax and Nationwide and wanted to change brokers’ perceptions of the Precise Mortgages’ capabilities in this market.

“New-build brokers who think Precise is an adverse lender have the wrong impression,” said Cleary. “Many of our clients are prime self-employed applicants. In our latest broker survey 65% of intermediaries said they thought we offered better than average turnaround times. Our average offer turnaround is currently at 14 days.”

Precise has made a number of improvements to its new-build criteria this year and set up a dedicated new-build help desk to deal with enquiries. In September the lender began accepting builder’s deposits and expanded its list of approved property types.

There are 0 Comment(s)

You may also be interested in

Read previous post:
Family Building Society
Family BS allows offset borrowers to reduce repayments with savings

Family Building Society has enhanced its offset mortgage product enabling borrowers to use savings to offset against their mortgage to...

Close