You are here: Home -

Precise Mortgages withdraws products and pauses second charge lending

by:
  • 09/08/2022
  • 0
Precise Mortgages has withdrawn select buy-to-let and residential products and temporarily paused second charge lending.

The lender said as of yesterday it had withdrawn select buy-to-let and residential products.

On the buy-to-let side, this includes products at 70 per cent loan to value (LTV), five-year fixed rate limited company and limited company houses in multiple occupation (HMO) products.

On the residential side, the lender is temporarily withdrawing five-year fixed rate products in its Tier One and Tier Two ranges.

Tier One and Tier Two do not accept defaults or county court judgments, and one missed mortgage or secured loan arrears in 36 months. It also allows debt management plans if satisfied over 36 months ago.

Precise Mortgages is also taking down its Tier Five products, and its debt management plan products.

Precise Mortgages said that to secure a rate, then applications needed to be fully submitted by the end of the day yesterday.

Last week, the lender said it was temporarily withdrawing its second charge lending products in order to “effectively manage increased business volumes and continue to reduce turnaround times”.

At the time Precise Mortgages said that it had no “immediate plans” to launch replacement products.

The lender said to secure a rate from the range, applications needed to be submitted before the end of the day on 5 August and fully packaged cases should be submitted no later than 30 September.

Adrian Moloney, group intermediary director at OSB Group, the lender made the decision to temporarily withdraw second charge lending to “enable us to continue to effectively manage capacity and support current pipeline cases”.

He added: “This allows our teams greater flexibility to assist operational areas where additional support to meet increased business volume is required.”

Moloney continued that having assessed its service levels it was “appropriate” to withdraw some of its buy-to-let and residential products so it could give “further resource to areas facing increased demand”.

He added that the lender also wanted to “create space for replacement products in the near future”.

“It’s important to note that we continue to offer a range of products across buy to let, residential and commercial within Precise Mortgages, Kent Reliance for Intermediaries and InterBay, including support for affordable housing through shared ownership and Help to Buy as well as higher loan to value (LTV) buy-to-let products where we recognise there are less choices for landlords and brokers in the market,” he said.

“We’re carefully monitoring the situation and will continue to adapt according to service levels as we’re acutely aware of the current pressures within the market including those faced by our intermediary partners.”

Related Posts

Tags

There are 0 Comment(s)

You may also be interested in