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

  • 19/10/2015
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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.

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