Precise Mortgages to report brokers for fake buy-to-let applications

In a bid to cut down on the amount of fake buy-to-let mortgage applications being submitted to Precise Mortgages, the lender has said that it will report brokers who constantly break the rules to the Financial Conduct Authority. Precise Mortgages managing director Alan Clearly estimates that around 10% of the buy-to-let applications they receive are from brokers submitting residential cases as buy-to-lets. Aaron Strutt, product manager and communications manager at Trinity Financial, says: “To ensure applicants will actually let the property, lenders are starting to assess first-time buy-to-let applications almost as if they are being taken out on a residential basis.” If you are looking for a buy-to-let mortgage Trinity has access to a host of buy-to-let lenders. For help securing a mortgage call us on 020 7016 0790. July 26, 2013