Simon Carr, director of second charge lending for Precise Mortgages, said: “Second charge loans are now regulated by the FCA and we are not only leading the way on responsible lending but also launching market leading products so that brokers can offer their clients an even better solution.”
Steve Walker, director of Promise Solutions, added: “The latest products really tick the boxes for brokers, networks and consumers and offer a market leading combination of rates, low fees and choices of tracker or fixed rates.
“As brokers and networks align their loan sales process closer to how mortgages are sold, loans from Precise Mortgages will be the natural choice in most cases, especially as the new criteria will result in significantly more clients qualifying for the excellent rates on offer.”
And Marie Grundy, operations director V Loans and AFB representative and AMI Board Member, said: "The second charge market is becoming increasingly competitive and the latest rate reduction from Precise Mortgages is a strong example of this. With networks and brokers continually looking to drive the best possible customer outcome, Precise Mortgages have yet again demonstrated their commitment to this with a market leading rate of 4.45% (+ BBR) pa. In addition, we are seeing an increased demand for fixed rate second charge products and the inclusion of two and three year fixed rates within their product range will ensure there is increased choice for borrowers who wish to have peace of mind with a monthly fixed payment. "
The changes are as follows:
• Introduction of a preferred panel of master brokers who will have exclusive access to this new range
• Lending criteria have been significantly improved in order to simplify the range
• Product fee reduced to £495 from £995
• Prime rates cut by up to 2.25% pa and now start from 4.45% plus BBR pa
• Near prime rates cut by as much as 3.25% and now start from just 5.45% plus BBR pa
The preferred panel of Master Brokers who have access to these exclusive products are:
• Brightstar Financial
• Colonial
• The Loans Engine
• The Lending Wizard
• Loans Warehouse
• V Loans
• Y3S Loans
