Precise Mortgages record surge in unregulated registrations

Precise Mortgages record surge in unregulated registrations




One month after Precise Mortgages opened up access to its buy-to-let (BTL) product range to all National Association of Commercial Finance Brokers (NACFB) members, whether regulated or not, B&C has.

One month after Precise Mortgages opened up access to its buy-to-let (BTL) product range to all National Association of Commercial Finance Brokers (NACFB) members, whether regulated or not, B&C has learnt that the lender has experienced a dramatic increase in broker registrations.

Specialist residential, short term and BTL lender Precise Mortgages agreed a deal with the NACFB which means that all Association members are able to access the lender’s BTL range of mortgages, whether FSA-regulated or not.

In the past, Precise Mortgages has only accepted BTL business from FSA-regulated mortgage brokers, but over the last year or so it has been working with the NACFB to promote its bridging products.

As a result of the quality of business and the high standards members are set by the NACFB, the lender questioned why it would happily accept bridging business from members, but not BTL deals. Subsequently, a proposal was put to its Credit Committee to alter its rules to allow all NACFB members access to its BTL products and this was approved.

Precise Mortgages has made some criteria changes to make its range even more attractive: it has removed its minimum income requirement and increased the number of BTL mortgages an applicant can have with other lenders. Both of these changes have made its BTL mortgages more attractive to professional landlords.

Currently Precise Mortgages’ BTL product range is available up to 80 per cent LTV and there is a selection of near prime products to choose from.

Alan Cleary, Managing Director of Precise Mortgages, believes that this route will lead to a big source of new business for the lender. He said: “We are extremely happy to open up and offer our enhanced BTL product range to NACFB members, with whom we have built up a strong relationship with our bridging products.

“Registrations by NACFB members have picked up dramatically over the last couple of weeks, which is testament to how sought after out BTL range is.”

Multiple NACFB broker registrations have taken place in the past month as a result of this new deal and it seems that their number is only continuing to grow, as figures from last week have shown that 29 new businesses signed up to Precise Mortgages in that week alone.

Alan added: “This offer is exclusively for members of the NACFB, with whom we have a very strong relationship. It has very strong standards and its ethical stance in the industry is second-to-none.” 

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