Precise creates Portfolio Team ahead of PRA changes

Precise Mortgages has created a Portfolio Team "to do the heavy lifting" for mortgage intermediaries and to help with the additional information required by the PRA’s new underwriting standards due on the 30th September.

Related topics:  Mortgages
Rozi Jones
30th August 2017
Alan Cleary Precise
"We thought long and hard about how we could minimise the disruption to the mortgage intermediary and to the landlord whilst meeting the new requirements"

The additional information required will be a business plan, assets and liability statement and details of the existing residential property portfolio.

There will be no changes to the DIP or application systems and no need for intermediaries to key the existing portfolio into the lender’s systems.

Additional information can be supplied in any format including the lender’s own forms and the Portfolio Team will input the additional information into the lender’s systems.

Precise has also built an in-house portfolio platform that will help assess the existing portfolio and includes the use of AVMs to calculate LTVs and ICRs.
 
The lender’s criteria is largely unchanged with the exception that the existing residential portfolio may be subject to interest rate stressing depending on the assets and liabilities of the landlord. Typically the interest rate stress will reflect the new business market in terms of customer type and ICR calculations.

The new forms referenced above will be available on the lender’s website week commencing 25th September.
 
Managing Director Alan Cleary said: “We thought long and hard about how we could minimise the disruption to the mortgage intermediary and to the landlord whilst meeting the new requirements and have invested a significant amount of money and resources to make sure that we take as much of the burden as possible.”

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