Precise Mortgages is set to make its eagerly awaited launch into the secured loan sector in the next few weeks.
Simon Carr, director of secured loans at Precise Mortgages, speaks to Loan Introducer about what the lender has planned for its launch and why he would like to be stuck on a desert island with Al Pacino.
Q, Will you be bringing something new to the market?
A, Yes, we have lots of ideas. Some of them you will see when we launch our residential secured loan range.
Q, How much lending do you plan to do?
A, Precise Mortgages plan on lending to residential and buy-to-let customers where suitability, quality and good customer outcomes are all considered important factors for the loans we complete on. Our teams are set up and ready to deliver. Provided the loan meets those factors we will lend. We are not restricted by volume.
Q, Why do you think the sector is doing so well at the moment?
A, A secured loan has always had a place in the market. In recent years, the availability of products in the first mortgage space, has lead mortgage advisors to consider the secured loan option, subsequently discovering a secured loan may well be the most suitable solution. In turn, safeguarding the existing low rate mortgage, interest-only mortgage or avoiding high redemption penalties. A secured loan market is now considered a sibling of the mortgage market not, a long distance cousin, twice removed.
Q, Do you think the growth in the market is sustainable?
A, Yes, master brokers have worked tirelessly to promote secured loans and is now accepted as a mainstream product. The awareness at mortgage advisor level coupled with improving consumer confidence is supporting the growth.
Q, How do you think your experience in the secured loan sector, working at Purple Loans and Promise Solutions will help you launching Precise’s secured loan proposition?
A, Simply put, I have worked both sides of the fence. I know how brokers work, I know what they need and we have the right systems and controls to deliver a market leading solution. We’ve built a proposition from the ground up and all systems have been built with our specific requirements in mind.
Q, Do you think the forthcoming regulation of the sector by the Financial Conduct Authority will boost its reputation?
A, Most definitely, when I speak to master brokers, they view the future regulatory landscape as a positive for the industry. Most making careful plans to ensure they are ready and that the products offered compliment those already governed by this regulation. Our products are ready now.
Q, Who has been the most influential person in your career and why?
A, Personally, I think you are influenced and inspired by many people as your career develops. As you learn about your career you are also learning a lot about yourself and so, if you are open to opinion you often find influencers around every corner. To answer your question specifically Peter Walker – Secured Loan Broker – he gave me my first chance in the market. The second would be his processing manager – Terry Slater – he taught me about seeing the bigger picture. Publicly, thank you to both.
Q, If you could be stuck on a desert island with three people, who would they be and why?
A, A boat builder, Bear Grylls and Al Pacino.
A boat builder and Bear Grylls – that’s pretty obvious – after a couple of weeks, you would get bored and want to get off the island away from those idyllic white sands, plus, I have a new secured loan proposition to launch. I’m a little busy.
Al Pacino – I would love to hear his stories from the film set of Godfather and Scarface.
Q, What one item could you not live without?
A, My smart phone/tablet – to avoid name dropping. The mobility and speed in being able to respond is all too often taken for granted – when I first started in secured loans, my boss had different colour typewriter ink, for the different companies he ran. Can you imagine a business surviving now, without mobile access to core business applications.