Buy to let mortgage lender hopes to 'fill the funding gap'

Posted: 24 May 2010 15:02:21 GMT

Buy to let mortgages are becoming more accessible with the launch of a "new breed" of mortgage lender.

Private landlords could benefit from Precise Mortgages' new product range, which along with Legal & General (L&G) will focus on the buy to let market.

Ben Thompson, director of mortgages at L&G, hopes that the launch will bring "innovation and much-needed competition" to the buy to let sector.

He said: "There is a distinct gap in the buy to let market that Precise Mortgages are looking to fill so this is bright news for private landlords."

Ian Lonergan, chief executive of Exact Mortgage Experts, added that this is coming at a time of "significant need" for new lenders and funding in the mortgage market.

It is also hoped that it will set an example and encourage other lenders, in order to close the funding gap.

The company offers an award-winning online system, combining human interaction with technology and includes online mortgage offers and SMS text message case updates.


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