Legal & General Mortgage Club and SimplyBiz Mortgages have secured an exclusive second charge offering with Precise Mortgages.
The exclusive products include a BBR + 4.40% lifetime Tracker and a 5.30% 1-year fixed rate. Both products are available at 75% LTV and include only a year’s early repayment charges. In addition to this, advisers will receive an up to 1.25% procuration fee payable as a Legal & General Mortgage Club member.
The deal is suitable for buyers looking for a quick alternative to a traditional remortgage. The residential second charge loans will also provide an alternative for customers who need to raise capital and for those wanting to retain their existing mortgage rate.
Danny Belton, head of lender relationships at Legal & General Mortgage Club, said: “This is a really positive step from Precise Mortgages in the second charge market. This competitive product offers a great opportunity for advisers to help customers who require a suitable alternative to a full remortgage.
“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.”
SimplyBiz Mortgages CEO, Martin Reynolds, added: “This is really good news for firms looking for shorter term loans to meet their client’s requirements. This offers a sensible solution for advisers who are looking for beneficial alternatives for capital raising where the traditional route may not be the most suitable. 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.”