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Precise expects mortgage lending to grow to £1.5bn in 2015

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  • 04/11/2015
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Precise expects mortgage lending to grow to £1.5bn in 2015
Precise Mortgages has forecast its new lending to total £1.5bn in 2015, an increase of 114% on 2014’s figures.

Since the lender’s launch in 2010 to October this year, gross lending reached £2.5bn and 14,500 total loans completed in buy-to-let residential and bridging.

Precise said its forecast for 2015 has been driven by strong growth in its core markets, competitive product rates and the current stability of the economy. It also named rising incomes, improved housing equity and modest expectations of an interest rate rise as key drivers for its lending prediction.

Buy-to-let lending accounts for most of Precise’s lending, contributing approximately 62% to its overall lending figure. The remainder comes from lending to residential home owners.

Last month, Precise revealed that it aims to write £250m of new build mortgage lending in 2016 – more than double its predicted lending in the sector this year.

Precise currently has eight mortgage loans with three or more payments in arrears, equating to an arrears rate of 0.07%. The industry arrears rate average as recorded by the Council Mortgage Lenders is 1.19%.

Ian Lonergan, CEO of Charter Court Financial Services, which owns Precise, said: “Along with other challenger banks of a similar scale, we are bringing a new level of choice and service to customers.  Our loan performance and service levels remain very strong due to the investment the business has made in excellent people and a scalable infrastructure.”

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