Precise Mortgages to relaunch new build
Precise would not be drawn on its planned changes but managing director Alan Cleary confirmed the lender is planning a large-scale reboot of its new build proposition with a launch date set for 16 September.
Earlier this week Kensington said it was planning to launch more flexible offer periods and offer extensions to cater for new build borrowers more effectively.
Speaking during a Mortgage Introducer roundtable Terry Higgins, mortgage services director at The New Homes Group, said both lenders had been in talks with his firm to get input into how to serve new build borrowers better.
He said: “New lenders actively seek us out to have conversations on a regular basis – they want the input.
“Whether they can turn that into something tangible is still to be seen. There is a perception from some lenders that new build lending criteria has to be quirky and there has to be something that differentiates them from a competitor.
“Some of these oddities trip you up and hold you back whereas a more mainstream approach and regulating the risk through the interest rate would be a better approach.”
Precise opened up its entire range to new build properties in early July meaning the September launch will mark the lender’s first attempt to cater specifically to the new build market.
Kevin Beale was appointed earlier this year to improve the lender’s new build proposition.