Precise has launched a second charge bridging range, widening its short-term finance offering for borrowers who want to raise capital without replacing their existing mortgage.
The specialist lender said the new proposition builds on its established bridging business and is aimed at homeowners who already have a first charge mortgage in place but need access to additional funding.
The product is designed to allow borrowers to release funds while keeping their current mortgage arrangements unchanged, which may appeal to those keen to avoid early repayment charges or preserve an existing fixed rate.
Precise said the range could be used in a number of situations, including funding refurbishments or home improvements on a mortgaged property, helping with the purchase of a new home before an existing one is sold, or covering costs linked to obtaining planning permission ahead of a sale.
Alan Kimber (pictured), head of bridging at Precise, says: “Our in-house expertise is already helping large numbers of brokers whose customers need flexible short-term finance, so expanding our offering with second charge bridging feels like a natural progression.
“These new options allow homeowners to unlock capital without disturbing their existing mortgage, helping them avoid early repayment charges and retain preferential rates.
“Providing this product range gives brokers and their borrowers confidence they are dealing with a lender that can support their full range of funding needs.”
Paul McGonigle, chief executive at Positive Lending, adds: “Many of our clients are tied into attractive fixed rate mortgages, so remortgaging isn’t always the best route.
“Precise offering second charge bridging gives us another valuable tool.
“The speed, clarity, and consistency Precise already provides on standard bridging gives me confidence in recommending this product to customers who may benefit from short-term finance.”
