TFC Homeloans has reduced broker fees to £195 on application or £495 on completion.
The new fees apply to first charge residential, second charge, buy-to-let and bridging business on a single property.
Nigel Payne (pictured), managing director of TFC Homeloans, said: “2016 has been a fantastic year for TFC Homeloans and we are hugely grateful to our broker partners for their business and continued support.
“From today we are slashing our fees to what is the best value in the industry, plus advisers and their clients will benefit from our 25 years’ experience in the sector and pioneering sourcing and processing technology.”
Previously first charge fees were £495 on completion, second charge £995 on completion, and bridging fees were on a case-by-case basis.
Alan Cleary, managing director at Precise Mortgages, said: “This is a bold move by TFC and will no doubt help in promoting the benefits of second charge lending to the broker network.
“Second charge loans are often a viable alternative to further advances or remortgages, and TFC’s new structure will remove any fee-related barriers to selecting a second charge loan when it is the most suitable product available.”