Specialist lending packager Complete FS has recommitted itself to having the lowest master broker fee in the second charge market at £199, regardless of the case size.
In an email to introducers, Complete FS restated its commitment to a choice of fee structures that challenges the high fees being charged by some master brokers. It believes these are stopping many brokers from considering them as a viable option for clients looking to raise capital.
Damian Cain, Complete FS director, said: “Second charge lending is growing because there are strong reasons, in certain cases, that many clients are better off with a second charge than a remortgage.
“However, in my opinion one of the major factors that is slowing the take up of secured loans is the understandable concern that advisers have at what they see as the high fees, often up to 10% of the loan, being charged by some packagers or master brokers.
He added: “At Complete we think it’s important to offer choice and we do this by letting the adviser offer a fees paid option with a master broker fee of £199 or a fees free option with a limited master broker fee of 4%.
“At Complete FS, we are eliminating that cost barrier and would urge advisers to look again at second charge loans. Broker fees need never again be a reason for not recommending a secured loan.”