Precise Mortgages is launching two second charge products through SimplyBiz Mortgages and Legal & General Mortgage Club.

The products are a 1-year fix at 5.3% and a lifetime tracker at 4.4% above the Bank base rate, both to 75% loan-to-value.

Brokers will receive a 1.35% proc fee through SimplyBiz and a 1.25% fee through L&G.

Alan Cleary, managing director of Precise Mortgages, said: “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 1-year fixed rate product only has one year’s early repayment charges.

Martin Reynolds, chief executive of SimplyBiz mortgages, said: “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.”

Danny Belton, head of lender Relationships, 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.”