Precise Mortgages is now letting directly-authorised PMS mortgage club brokers submit second charge business directly.
A statement from PMS says the move will give brokers more choice and will not cut out its master broker panel.
PMS head of lender relationships Jame Benjamin says: “We have certainly seen increased interest in second charges following the introduction of the Mortgage Credit Directive.
“We want to ensure that we continue to champion the needs of the DA intermediary market by offering advisers as much choice and flexibility as possible for how they do business.
“Our specialist lending panel of master brokers will continue to play an extremely important role in this area as a result of their experience and expertise, which are hard to match.”
Precise Mortgages managing director Alan Cleary says: “We have recognised a number of remortgage scenarios where a first charge option is either too expensive or simply fails their current lender’s lending criteria.
“More often than not converting a mortgage from capital and interest payments can have an impact on first charge lenders’ affordability models. A second charge loan, regulated by the same regulator, should now be considered by the mortgage intermediary at the same time as considering a remortgage.”