SimplyBiz Mortgages has launched a secured loans panel with Precise Mortgages as the first lender.
SimplyBiz has already received its first submission and will add more lenders to the panel this year.
It said it will continue to work with master brokers despite going direct.
Martin Reynolds, chief executive of SimplyBiz Mortgages, said: “We have been talking to the majority of the secured loan lenders for nearly a year during the build up to MCD as we believe that many of our members will prefer to submit direct to lenders, just as they do for first charge loans.
“We are delighted that Precise Mortgages is our first lender to launch on the panel and are sure its products will be well received.
“Precise Mortgages is just the first of a number of lenders we aim to launch with during this year. We will still continue to work with our preferred master brokers too, as we want to offer choice for member firms, as this is an important part of our proposition.
“I am also pleased to announce that we have already received our first submission for a direct secured loan through the panel from Gates Financial Services, a long-standing SimplyBiz Mortgages member.”
SimplyBiz Mortgage Club has 3,000 directly authorised members.
Kevin Gates, principal of Gates Financial Services, added: “I am delighted to be the first adviser to submit a direct secured loan to Precise Mortgages via the mortgage club route.
“As part of our proposition we are committed to reviewing every possible option for our clients, so second charge loans are sometimes part of the solution. Now having the option to submit direct to a lender makes secured loans even more accessible to all intermediaries.”
As announced today Precise will also offer its secured loan proposition to directly authorised brokers in the PMS mortgage club.
And Alan Cleary, managing director at Precise Mortgages, said: “The fact Simply Biz Mortgages has chosen Precise Mortgages, as its first lender to be appointed to the second charge lending panel, acknowledges that Precise Mortgages are the home of specialist lending.
“The regulation of second charges by the same regulator signals one of the most significant opportunities for the directly authorised mortgage intermediary.
“Our second charge range can be used for any purpose and is suitable for clients wishing to protect their low rate first mortgage, where they are being asked to convert their entire mortgage to capital and repayment from interest only or where restricted first charge lending criteria prevent further borrowing. Our second charge loans can be tailored to any payment term.”
