Precise Mortgages is one of a select group of operations providing mortgages for people who don’t meet the very strict criteria employed by most mainstream lenders or who have unusual circumstances or needs. Since October 2012 it has also offered residential mortgages.
Part of the Charter Savings Bank, which was launched in 2015, a typical specialist borrower Precise deals with could include one who needs a Buy-To-Let mortgage, or another who has a history of small credit problems.
A broker-only mortgage lender, Precise doesn’t sell directly to the public. It only distributes mortgages through regulated and authorised mortgage advisers.
Its underwriting is technology driven but, with its credit-risk management processes, it is known to be more expansive in its mortgage and loan approvals. This makes it able to better serve those who can too often be ignored by many mainstream lenders.
Broker-only lenders like Precise are regarded as more nimble and able to react to market changes quickly.
They also tend to be more flexible, often individually underwriting cases rather than adopting an attitude of "the computer says no" when considering lending applications. They, therefore, may be able to offer mortgages to people who can't access them elsewhere.
Many people require specialist mortgages and loans and Precise Mortgages has created a large range of options from Buy To Let mortgages, through bridging and second charge loans, to residential mortgages.
Precise prides itself on the speed of its decisions - even out of hours - using the latest technology and scorecards to give people a decisions on their mortgage applications within minutes - and without hard footprints on often raw and sensitive credit files .
All Precise's products are available only through their mortgage intermediaries. The stated aim at Precise Mortgages is to make it easier to place customers currently underserved by most of the high street lenders. The criteria Precise uses are intended to offer clarity, while different product options give customers increased choice.