Precise Mortgages launches joint legal representation and second charge bridging loans

The bridging market traditionally insists on separate legal representation for the borrower and lender but Precise Mortgages will now allow borrowers to use Precise Mortgages' own solicitors, if they want to.

Precise Mortgages believes the move will significantly reduce the time it takes to complete the legal process on a bridging deal, and it will halve the cost to the borrower.

For a typical £250,000 property the legal work will cost £599 (plus VAT and any disbursement costs) using the new joint legal representation service.

Alan Cleary, managing director of Precise Mortgages said: “In my experience when there are two solicitors involved it is time consuming and can cost the borrower double, our new innovative service is good news for borrowers and brokers.

“Joint representation is common practice in traditional long-term residential lending, why shouldn’t we follow the same model in the bridging market.”

Precise Mortgages has also added second charge lending products to its bridging range.

Cleary commented: “The expansion of the bridging product range is designed to increase lending volumes and to help brokers place more deals.  The bridging market is growing and brokers need more product choice. “

The Precise Mortgages bridging product range includes standard bridging, refurbishment, FSA regulated, buy-to-let, and now non-CCA regulated second charge products.