10 Questions with Alan Cleary of Precise Mortgages
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He's just launched Precise's short term lending division and is also preparing to launch himself in a light aircraft...
Katie-Jill Rowland speaks to Alan Cleary, Managing Director of Precise Mortgages...
1. How long have you been at Precise Mortgages and what did you do previously?
I was one of the founding partners of Precise Mortgages so I have been here since the start. I was previously director of Halifax intermediary division but left there in 2005 to set up a new lender called Edeus. As the credit crunch took hold the business evolved into Exact Mortgages which focuses on third party outsourcing of mortgage origination and post completion servicing. Precise Mortgages is a specialist intermediary lender providing near prime residential mortgages and short term loans. Precise and Exact are sister divisions and make up one of the largest independently owned end to end mortgage businesses in the UK. So to answer your question I have been in mortgage lending for 20 plus years with 10 of those years being solely intermediary focused.
2. What did you want to be when you were a Kid?
I can’t remember ever giving it any thought. My Dad used to run pubs and I used to work behind the bar from the age of 12 and I can remember thinking I am never going to be a publican. I left school at 16 because I wanted to work in a bank and NatWest happened to be on a recruitment drive. Because of that decision I ended up in financial services and I am very happy about that.
3. If you could do anything you wanted this Sunday, what would it be?
Because I am so busy during the week my ideal Sunday is to be at home. This Sunday I have some good friends coming over for a BBQ. So I am hoping it will be sunny. Last Sunday I had family over for a BBQ because the weather forecast was good, of course it rained and was very windy. I still had my BBQ though.
4. Which football team do you support and why?
I have absolutely no interest in Football and never have. My son is an enthusiastic Chelsea supporter so I think the football gene must have skipped a generation.
5. What is the best and worst thing about your job?
The best thing about my job is still the same thing as 20 years ago, we make people’s dream comes true. If they want to buy a home for their family to live in, we can help them. If they want to build a portfolio of investment properties for retirement, we can help them. If they make their living developing property, we can help them. The product we sell is intangible but the effects on people’s lives is significant. The worst thing about my job is catching brokers trying to commit fraud, it saddens me that the few bad apples can spoil the whole barrel. That being said when we catch them we do everything we can to ensure they are booted out of the industry.
6. If you could be any animal, what would you be and why?
I would be a bird because it must be a great feeling of freedom to be able to fly wherever you want. It would have to be a big bird though, I wouldn’t want to be eaten by my cat.
7. What’s your favourite movie and why?
Rainman closely followed by Hangover 1. Hangover 2 was rubbish. I think I must have some kind of fixation with Las Vegas based on that choice. Rainman is a great film and Dustin Hoffman was outstanding in his portrayal of an Autism sufferer.
8. What do you expect to happen in the bridging finance industry over the next 12 months?
The evolution of European directives will no doubt have far reaching impacts on the bridging market. Lenders and brokers will need to up their game considerably as I know there is some poor practice going on.
9. What you put in room 101 if you had the chance?
European directives on regulation. Those bureaucrats think that standardising everything in line with German practices will make a better world. Straight in the bin if I had my way.
10. What’s your favourite book?
I am learning to fly light aircraft so the only books I read are related to that. The latest is a manual on the protocols around the use of radio communications, it is 270 pages long and is one of eight manuals I have to learn in order to pass the exams. My son has just given me a Kindle which is a fantastic piece of kit allowing me to buy books for about £1, I hope I will get back to some more enjoyable books soon.
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