Exclusive: Precise enhances Bridge to Let product

Beth Fisher | 18:16 Tuesday 20th May 2014 | 10

Precise Mortgages has launched its refreshed Bridge to Let product, as well as announcing the appointment of two new National Sales Managers..

Precise Mortgages has launched its refreshed Bridge to Let product, as well as announcing the appointment of two new National Sales Managers.

The Bridge to Let product has been adapted to allow clients who have a refurbishment bridging loan to transfer to any Precise Mortgages

Buy to Let product at any time after completion.

Before this change the client had to wait for four months until they were authorised to make the switch.

Alan Cleary, Managing Director at Precise Mortgages, announced that even if you have a light refurb product for one month, you could immediately change it to any Buy to Let product, which includes going up to 80 per cent Loan to Value.

He said the main selling point of the product change is that: “It gives our borrowers more choice.”

Alan added that if a customer hasn’t already got a bridge, they are still able to change the loan, but they must have already owned their property for at least six months.

This is the first change Precise Mortgages has made to their Bridge-to-Let product since launching it last July.

The theory behind the product was that borrowers could take out a bridging loan up to 75 per cent LTV to complete the purchase and refurbishment works and then switch onto a traditional Buy to Let mortgage after four months.

The firm has also announced the appointment of Roz Cawood and Jamie Pritchard as National Sales Managers.

Roz Cawood has extensive experience in specialist lending having spent over 20 years in the sector. Most recently at Legal & General Network and Beacon Homeloans. Roz who is well-known and respected in the industry will be in charge of Precise Mortgages’ business in the south of the country.

Jamie Pritchard joins from Principality Building Society where he was Business Development Manager. Jamie has wide-ranging knowledge and sector experience having previously been a mortgage consultant and a regulated sales trainer. Jamie will be supporting mortgage intermediaries located in the Midlands, Wales and the North.

Roger Morris, Sales Director for Precise Mortgages, commented: "We want to create the best sales team in the intermediary market and the way we are doing that is to recruit excellent people who share our values. I am sure both Roz and Jamie will make a big difference to our key brokers

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