Precise Mortgages has introduced two fixed rate second charge loan products compatible with AVMs.

They are available at up to 50 per cent LTV at a maximum loan size of £200,000 for borrowers in England and Wales.

The two-year fix has a 4.25 per cent rate and the five-year fix at 4.65 per cent.

Both come with a £300 product fee.

Precise says that it may be able to switch submitted applications that are at the pre-offer stage and eligible for an AVM to a new product for processing.

Borrowers may also be able to reduce their loan amount where they have applied for a product over 50 per cent LTV in order to aid this.