"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"
- Alan Kimber - Precise
Specialist lender Precise has expanded its bridging finance offering with the launch of second charge bridging, providing brokers and borrowers with a way to access short-term funding without remortgaging an existing loan.
The new product allows homeowners who already have a first charge mortgage to raise capital against their property while keeping their current mortgage arrangements in place. The move builds on Precise’s existing presence in the bridging finance market and aims to give brokers more flexibility when arranging short-term property finance.
How second charge bridging works
Second charge bridging allows borrowers to secure a short-term loan against a property that already has a mortgage attached. Instead of replacing the original mortgage, the new loan sits behind the first charge.
For many borrowers, this structure can provide access to capital while avoiding potential costs associated with refinancing.
The product is designed to support several common borrowing scenarios, including:
Funding refurbishments or home improvements on a mortgaged property
Purchasing a new property before selling an existing one, helping to resolve property chains
Covering planning permission costs before selling or redeveloping a property.
Because the borrower retains their existing mortgage, second charge bridging can also help avoid early repayment charges or the loss of favourable fixed rates.
Expanding options for brokers
Precise said the launch reflects continued demand for flexible bridging finance solutions among brokers and their clients.
Alan Kimber, head of bridging at Precise (pictured), 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."
He added, "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 that they are dealing with a lender that can support their full range of funding needs.”
Industry brokers say the new product could prove useful for borrowers who remain tied to low fixed-rate mortgages.
“Many of our clients are tied into attractive fixed-rate mortgages, so remortgaging isn’t always the best route,” said Paul McGonigle, chief executive at Positive Lending.
“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.”
What this means for the bridging finance market
The launch highlights growing demand for flexible short-term lending in the UK property finance sector.
As interest rates and mortgage affordability continue to influence borrower behaviour, many homeowners are reluctant to refinance existing loans secured at lower rates. In these situations, second charge bridging can offer an alternative route to raising capital.
For brokers and lenders, this type of finance may become increasingly relevant in scenarios where borrowers require quick funding while preserving their current mortgage terms.
If demand continues to grow, specialist lenders are likely to expand their bridging and second charge offerings to support a wider range of property finance strategies.
