The Loans Engine makes first payment under new loan structure

John Hewitt Jones

August 3, 2016

Specialist finance broker The Loans Engine has paid out its first loan with an application fee of £295.

The new model dispenses with fees of up to £3000 charged for comparable products.

The loan for £30,000 was paid out with second-charge lender Prestige Finance at a rate of 4.45%.

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Last month The Loans Engine announced it was scrapping its all-encompassing master broker fee and replacing it with the new £295 application fee.

Dan Miller, underwriting manager of Prestige Finance, said: “We have a long-standing relationship with The Loans Engine and are delighted to be the first lender to complete a loan under its new fee structure.

Steve Harness, commercial director of The Loans Engine, added: “Intermediaries tell us how frustrating the first-charge further advance process can be, and that remortgage just isn’t right for many clients. Now with broker fees of only £295, low interest rates and completion timescales under a week, second charges are a credible alternative which deliver great customer outcomes.”

 

 

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