The Financial Services Authority (FSA) in the UK has announced that it has approved Precise Mortgages to sell regulated mortgages, providing more home loan choices to homeowners.
Ian Lonergan, chief executive of Precise, said the company had been working hard to “deliver a proposition that focused on quality whilst providing an outstanding example of compliance in terms of The Financial Services Authority (FSA) approach to responsible lending.”
The company aims to market its portfolio to customers who are identified to be responsible lenders. It is expected to launch the product as soon as spring next year.
“We have identified good quality borrowers who have been starved of credit. 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,” said Mr Lonergan.
The new company was established by mortgage industry experts who wanted to set up a new breed of lenders dedicated to the intermediary mortgage market. It hopes to open its doors to help responsible borrowers by providing them a new option. It also hopes that its new offering will be a real alternative to the building societies and high street banks who are locking property owners out of being able to get good quality value for money credit.
“In our continued commitment to help and support the intermediary market, we have launched a range that boasts both competitive rates and product features to benefit the client,” said Alan Cleary, managing director of Precise Mortgages. “We hope that the new range will help those borrowers that have been locked out of the investment mortgage market.”