Precise Mortgages parent in sale talks

Precise Mortgages parent in sale talks

Charter Court Financial Services - including Charter Savings Bank, Precise Mortgages and Exact Mortgage Experts - is sounding out the market for a new backer, FTAdviser understands.

The group appointed Deloitte last summer to look for potential buyers, with an information memorandum due to be sent out to various firms next week.

Elliott Associates has been its main investor since 2008 and may still look to hold onto its majority shareholding.

Article continues after advert

Directors are understood to be considering stock market floatation plans within the next few years regardless of whether it is sold or not, as the firms under the Charter Court umbrella look to back further growth.

A spokesperson for the group said they do not comment on market speculation.

The Precise brand was launched in 2010 and now operates in the buy-to-let, residential, bridging and second charge markets, lending £1.6bn last year.

In November, Charter Court announced it passed through £2.5bn of mortgage completions, helping over 14,500 buy-to-let landlords and home owners achieve their property ambitions.

New mortgage lending in 2015 was forecast to grow to about £1.5bn, an increase of 114 per cent against the 2014 figure.

This time last year, the group launched Charter Savings Bank after being granted a banking licence by the regulator.

It currently has around 36,000 savings accounts on its books, with balances of £1.5bn.