Specialist lender Precise Mortgages is launching a direct to broker second charge proposition.

Launching on May 5 the direct submission route will sit alongside its newly streamlined master broker panel and offers a proc fee of 1.25%

Alan Cleary, managing director of Precise Mortgages, said: “We firmly believe this direct to broker second charge proposition will improve the choices available to the mortgage intermediary market and to the end consumer.

“We are in talks with many major mortgage clubs and networks about bringing this opportunity to as many brokers and advisers as possible and anticipate making a number of announcements very soon.”

Highlights of Precise Mortgages new second charge loan range include rates from 4.45% with a £300 product fee, or 4.75% with no product fee and terms of 36 to 360 months.