Precise Mortgages has expanded its proposition with the launch of a second charge bridging offering.

The specialist lender said the new range offers the same advantages of its standard bridging solutions, while giving customers who already have a first charge mortgage in place the ability to release funds without the need to remortgage.

Precise said its launch into the second charge space is designed to support homeowners who want to access short term finance while keeping their existing mortgage arrangements intact.

Second charge bridging may be suitable for scenarios such as raising capital to fund refurbishments or home improvements on their mortgaged property, enabling the purchase of a new property before the sale of an existing one, or to cover costs associated with obtaining planning permission prior to selling a property.

Head of bridging at Precise, Alan Kimber, said: “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.”

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