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Precise launches direct-to-broker second charge arm

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Precise Mortgages is launching a direct-to-broker second charge arm.

The lender says this gives mortgage brokers more choice in how they submit second charge lending cases. Traditionally lender have opted to receive second charge business from master brokers only.

Precise will pay a 1.25 per cent procuration fee for direct business, the same as if a remortgage had been advised.

Precise Mortgages managing director Alan Cleary says: “We firmly believe this direct-to-broker second charge proposition will improve the choices available to the mortgage intermediary market and to the end consumer.

“We are in talks with many major mortgage clubs and networks about bringing this opportunity to as many brokers and advisers as possible and anticipate making a number of announcements very soon.”

Precise’s new second charge range includes:

· Rates from 4.45 per cent with a £300 product fee, or 4.75 per cent with no product fee

· Bank of England base rate lifetime trackers and fixed rates

· ERC and no ERC product choices available

· Affordability on five-year fixed rates is based on initial pay rate not a stressed rate

· Residential prime, almost prime and near prime ranges

· Loans from £5,000 – £1,000,000 (loans above £500,000 priced on request)

· Terms of 36 to 360 months

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