SimplyBiz Mortgages launches semi-exclusive second charges with Precise

Products include a one-year fixed rate at 5.3% and a lifetime tracker at 4.9%, both available up to 75% LTV with one-year early redemption fees.

Both products bring a procuration fee of 1.35%.

SimplyBiz Mortgages CEO, Martin Reynolds, commented: “This is really good news for firms looking for shorter term loans to meet their client’s requirements. This offers a sensible solution for advisers who are looking for beneficial alternatives for capital raising where the traditional route may not be the most suitable. Deals such as these only enhance a firm’s ability to compete in a wider market, providing more options to their clients, and we are pleased to be able to offer this in partnership with Precise Mortgages.”

Alan Cleary, managing director of Precise Mortgages, added: “As a specialist lender, our aim is to provide customers with a variety of products that allows them more choice and flexibility when it comes to meeting their borrowing needs. Second charge loans play a significant role in providing customers with more choice and we are pleased to support SimplyBiz Mortgages and their members in offering their customers a wider range of alternative products.”