FSA Authorization for Precise Mortgages

Precise Mortgages has received full  authorization from the Financial Services Authority (FSA). The Company is backed by Elliott Associates, the US based equity house.

“We’ve got backing to the tune of hundreds of millions not billions, with the opportunity to get more than that at a later date. “Its managing director Alan Cleary said.

The lender provided loans to high quality borrowers earning a minimum of £50k with a good credit rating.

Precise Mortgages markets its buy-to-let mortgage products through a distribution panel and it is expected that they will continue to market the residential range also through this.

Its managing director said that it was hundred percent focused on the intermediary market and there would not be dual pricing.

Mr. Ian Lonergan, CEO of the company said that it had been a very thorough process focusing extensively on the quality of the lender’s proposition including its compliance with FSA. “We are committed to bringing new funding to the UK mortgage market and it’s fantastic to get the green light from the regulator”, he added.

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