Precise launches second charge range
The Secured Loan proposition is competitively priced with rates starting from 5.45% linked to the Bank of England Base Rate.
Life Time Trackers as well as Fixed Rate products are available from day one.
The range of Prime and Near Prime plans are available for loans up to £1,000,000 with further product enhancements on the horizon.
In designing the range, Precise Mortgages has carefully considered the need for an alternative financial solution, where a remortgage or further advance may not be in the customer’s best interests.
Simon Carr, director of Secured Loans, said: “Our residential secured loan range has been designed to support the Mortgage Intermediary in finding the most suitable financial solution to meet their customer’s circumstances.
“This further underlines our commitment to the Intermediary market by introducing a compelling and complimentary proposition to our existing Mortgage and Short Term Lending range.”
Precise Mortgages has appointed a number of specialist Secured Loan Master Brokers who will exclusively distribute the products and details of the panel can be found on the Precise website.
Carr added: “Feedback from our Master Broker panel already suggests that our products will be in high demand.”
Marie Grundy, director at VLoans Ltd and board member of the Association of Mortgage Intermediaries said: “Precise Mortgages has delivered a ground breaking range of Secured Loan products signalling their intent to become a major player in the Second Charge market.
“They have clearly thought carefully about their loan proposition and how this will appeal to borrowers looking to take out a Second Charge Loan.”
“It is particularly pleasing to see an innovative range of products with rates linked to the Bank of England Base Rate, which combines both transparency and market leading rates of interest.
“We are delighted to be amongst the small number of Second Charge Master Brokers who are currently able to offer the Precise Mortgages’ product range.”
Steve Walker, managing director of Promise Solutions, added: “This launch is extremely significant because of Precise’s position in the mortgage market.
“With a mortgage lender now offering such competitive secured loan products it sends a significant message to intermediaries that they should be considering these products for clients on preferential mortgage deals at the moment.
“The Precise range is very flexible and it makes a number of new options available for intermediaries.”