Precise has launched a residential mortgage platform after a pilot reduced average application-to-offer times by almost 30% compared with its previous system.

The specialist lender, part of OSB Group, said application-to-completion times also fell by around a third during testing, while some cases moved from submission to formal offer within 24 hours.

The platform is aimed particularly at brokers placing more complex residential cases and combines automated technology with Precise’s specialist underwriting.

It includes support for adverse credit assessments and joint applications, alongside more detailed product segmentation intended to reflect individual borrower circumstances.

BROKER PILOT

Precise developed the system with input from intermediaries, including members of the HLP network, before its wider launch. Broker feedback gathered during the pilot was used to refine the application and assessment process.

The underlying technology is already used for customer journeys at Rely, OSB Group’s buy-to-let lending brand, but has been adapted for Precise’s residential mortgage proposition.

Emily Hollands, group head of intermediary sales and distribution at Precise, said: “This launch fundamentally changes the way we do specialist lending and is a significant step forward.

“For too long, brokers with complex residential cases have had to choose between the specialist expertise they need and the speed and certainty they want. Our platform has reduced average application-to-offer times by almost 30%, and in some cases, we’re issuing offers within 24 hours.

“The platform reflects extensive collaboration with brokers and is designed to give them greater certainty as cases progress.

“It also provides a foundation for future innovation, helping us deliver greater speed, certainty and transparency, which is exactly what the industry is calling for.”

HLP FEEDBACK

HLP, which has more than 1,000 mortgage advisers across the UK, was among the intermediary businesses involved in testing the system.

Matt Brown, director at HLP, said: “As a network supporting more than 1,000 mortgage advisers across the UK, we were pleased to take part in the pilot of the Precise residential platform and provide feedback throughout the development process. It was clear that broker input was being listened to and acted upon.

“The result is a more efficient and transparent process that gives advisers greater confidence and certainty when progressing cases. The improvements we’ve seen during the pilot have been impressive and we’re pleased to see the platform now being made available to the wider market.”