Precise Mortgages

Precise Mortgages has added second charge lending products to its bridging range in order to further improve its short term lending proposition. The new products complement the core bridging and refurbishment range, including the recently launched FSA regulated loans, already on offer through the intermediary only lender.

Alan Cleary, managing director of Precise Mortgages said: “The expansion of the bridging product range is designed to increase lending volumes and to help brokers place more deals. The bridging market is growing and brokers need more product choice.”

Precise Mortgages bridging product range is now one of the most comprehensive in the market and includes standard bridging, refurbishment, FSA regulated, Buy-to-Let, and now non-CCA regulated second charge products.

The bridging market traditionally insists on separate legal representation for the borrower and lender but from Monday 6th February Precise Mortgages will allow borrowers if they choose, to use Precise Mortgages’ solicitors.

Precise Mortgages believes the move will significantly reduce the time it takes to complete the legal process on a bridging deal, whilst halving the cost to the borrower. For a typical £250,000 property the legal work will cost £599 (plus VAT and any disbursement costs) using the new joint legal representation service.

Alan Cleary, managing director of Precise Mortgages says “In my experience when there are two solicitors involved it is time consuming and can cost the borrower double, our new innovative service is good news for borrowers and brokers. Joint representation is common practice in traditional long-term residential lending, why shouldn’t we follow the same model in the bridging market.”
Details of the new service will be available at www.precisemortgages.co.uk on Monday 6th February.

Have you noticed the days have started getting longer? Given some of the pessimism at the moment, I think quite a few people have succumbed to SAD, or seasonal affective disorder.

Why not think about some reasons to be positive? For example, the Mortgage Strategy awards are in a few weeks so even if business is tough I am looking forward to that. The Olympics are just 200 days away so any borrower who wants a mortgage had better get it sorted before July.

The Six Nations tournament starts in February and England versus Ireland is on Saint Patrick’s Day, so that will be a mad one. And the Queen’s Diamond Jubilee means another bank holiday to look forward to this year.

On a serious note, I take the view that if it doesn’t get any worse, that is actually a better scenario, so for now I am banking on 2012 being a decent year at least. We’ve just had our busiest quarter since 2008 and most brokers I am speaking to are saying that they are busy and that the traditionally quiet January is anything but.

For those people who are suffering from SAD, there is an array of remedies available, such as a stylish lamp emitting ultraviolet light that makes people feel more positive. It’s available on the internet for just £125.

If that doesn’t work then maybe an exit from the mortgage market is the only cure.

Interview with Alan Cleary, Managing Director of Precise Mortgages at the Mortgage Business Expo 2011.

If you didn’t get the opportunity to visit our stand at the recent Mortgage Business Expo in London, you can view the interview below.

The interview discusses;
• Changes in the mortgage industry
• The Near Prime market
• Threats to the intermediary market
• Customer engagement