Exact Mortgage Experts has launched a mortgage lender called Precise Mortgages, focusing on the buy to let market.
Ian Lonergan (pictured), chief executive, says: “Over the last two years a fundamental mortgage shortfall has developed as lenders have exited the market, rebuilt their balance sheets, restricted their lending volume and focused on very low credit risks. There is therefore a significant need for new lenders to bring new funding to the UK mortgage market. Precise Mortgages has access to funding and we will bring extra liquidity to the market. Others will hopefully follow our lead and over time will help fill the funding gap that is damaging the overall economy.”
The launch of the new lender follows a successful period for the team during which they have analysed over GBP5bn of mortgages for multiple clients and have launched a new third party mortgage servicing platform.
Alan Cleary, managing director, says: “Over the past two years we’ve been watching the market at very close quarters and we’ve seen how conditions have changed on the ground. We have developed a deep understanding and insight into mortgage credit risk post credit crunch and the foundations of Precise Mortgages are built on this experience. We aim to generate high quality mortgage loans and the knowledge we have gained of the current market – alongside the considerable experience we have in originating mortgages – will stand us in extremely good stead.”
The lender will be taking applications from today and is initially distributing through a controlled panel of intermediaries made up of L&G Mortgage Club, Mortgage Intelligence and Mortgage Next.
Exact was established in December 2008 as a mortgage services provider with a focus on primary and special mortgage servicing. It also offers asset quality assessment and mortgage asset reduction strategies.
