Precise offers PMS members direct access

Up until now directly authorised mortgage intermediaries could only access second charge lenders through a variety of specialist master brokers.

Precise Mortgages launched its direct to broker second charge proposition on 5th May. Brokers will receive a procuration fee of 1.25% for direct business.

The new second charge loan rates start from 4.45% with a £300 product fee, or 4.75% with no product fee.

Jane Benjamin, Head of Lender Relationships at PMS, commented:

“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.”

Alan Cleary, Managing Director at Precise Mortgages, added:

“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. Our second charge loans are ideal for customers who wish to safeguard the low interest rate or low payment mortgage. 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.”