Precise Mortgages will be launching a direct to broker second charge proposition on 5 May. 

The direct submission route will sit alongside Precise’s newly streamlined master broker panel.

The specialist lender has set the procuration fee at 1.25% for direct business which it says aligns the fee to a similar level as if a remortgage had been advised.

Alan Cleary (pictured), 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.”