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Precise announces second charge deals with Legal and General and Simplybiz

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  • 28/03/2018
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Precise announces second charge deals with Legal and General and Simplybiz
Precise Mortgages has announced two separate second charge offerings with Legal and General and Simplybiz. However, while the Legal and General deals offer a 1.25% proc fee, the Simplybiz range has a 1.35% proc fee.

 

The product tie-up with L&G includes a Bank Base Rate (BBR) + 4.40% lifetime tracker, and a 5.30% one-year fixed deal.

Both products are available at 75% loan to value (LTV) and include a year’s early repayment charges (ERCs).

Advisers will receive up to an 1.25% procuration fee payable as L&G Mortgage Club members.

Alan Cleary (pictured), managing director of Precise Mortgages, commented: “We’re pleased to be able to work with Legal & General Mortgage Club to give this exclusive offer to their members.

“We’re committed to supporting customers with a variety of borrowing needs to offer them flexibility and choice as well as competitive products.”

Danny Belton, head of lender relationships at Legal & General Mortgage Club, added: “Advisers are increasingly looking towards the second charge market for solutions for their customers and as this sector of the market continues to grow, we are bound to see more product innovation and criteria development from lenders.”

“This is a really positive step from Precise Mortgages in the second charge market.”

 

Simplybiz

Additionally, Precise is partnering with Simplybiz Mortgages on two second charge deals, with similar features including a BBR + 4.40% lifetime tracker, and one year ERCs.

Both products have a max 75% LTV plus a £300 lender fee, with the one-year fixed at 5.3%, and the tracker at 4.9%.

However, the Simplybiz deal offers a 1.35% proc fee.

Simplybiz chief executive officer Martin Reynolds said: “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.”

Cleary 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.”

The product announcements also come as the second charge sector has witnessed a period of turbulence in previous months, with the Financial Conduct Authority sending ‘Dear CEO’ letters to all seconds providers earlier in March.

By 1 May, all lenders must review all processes, systems, and controls to confirm to the regulator that they are lending responsibly.

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