UK Welcomes New Mortgage Lender Precise Mortgages
Precise Mortgages is a new lending organization with one thing in mind - finance those who are not being taken care of by the big five banks of the UK. With so many want-to-be homeowners available, sporting not-so-stellar credit, the company has an instant customer base.
Precise Mortgages, led by Ian Lonergan, is charged up about the possibility available within the UK housing market. Lonergan commented on getting started, saying: "We are committed to bringing new funding to the UK mortgage market and it’s fantastic to get the green light from the regulator. Our dedication to the intermediary market remains as we continue with our strategy of distributing exclusively through mortgage brokers." The company has been providing mortgages to the buy-to-let sector since May, but needed approval of the Financial Services Authority (FSA) to pursue business in the homeowner market. Precise has gotten the approval and is now ready to offer mortgages to homeowners starting in November of this year. Due to the high street banks unwillingness to risk doing business with many people due to the financial crisis still being felt, Precise Mortgages quickly has become a true player in the lending game. Alan Cleary, managing director of Precise Mortgages, discussed the focus of the newly formed mortgage company, saying: "There are a lot of creditworthy borrowers that the big five banks are not lending to. We hope that we can help fill that hole by increasing the supply of lending in the market,"