The full list of Master brokers includes:
• Brightstar Financial
• Colonial
• Enterprise Finance
• Fluent Money
• Norton Finance
• Positive Lending
• Promise Solutions
• The Loans Engine
• The Lending Wizard
• Loans Warehouse
• V Loans
• Y3S Loans
The lender has also cut its prime rates by up to 2.25% to start from 4.45% and reduced its product fee to £495 from £995.
Rates on near prime have also been cut by up to 3.25% and now start from 5.45% plus Bank Base Rate each year.
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, said: “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.”
Marie Grundy, operations director V Loans, Association of Finance Brokers 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.”
She added: “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.”
