“We are a specialist lender dealing with cases that high street lenders do not, usually because they are more complex so a few days extra on turnaround times is to be expected.”
He added that underwriters have to verify information after the DIP, and this can lead to delays, particularly if documents are submitted ‘piecemeal’.
Mr Cleary said: “One of my peer group lenders was 20 days behind earlier in the year and I know quite a few of my peer group are seven to 10 days’ turnaround times, so while I am always striving to get the turnaround times better, I do not believe we are an outlier.
“We will never stop trying to improve our service to brokers and our customers, and I want brokers to be happy with our service 100 per cent of the time, but, in reality, that is a utopia I will probably never achieve.”
Liz Syms, chief executive at London-based Connect Mortgages, said: “We are experiencing delays with Precise, but as we package for them we do have some senior relationships we can call in for help.
“Other brokers may find improvements to the speed by using a packager who is experienced with the lender like us so that when the paperwork is put together correctly when submitted, it minimises delays from lender queries.
“I would also like to mention that Precise are not the only lenders with delays, nor are they the only lender who have competitive rental calculations.
"The broker could look to other lenders like Axis, Vida, Fleet and Kent Reliance who also have good rental calculation options.”
simon.allin@ft.com
