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Do you expect to see less or more second charge mortgage lenders in 2018?

82% would accept reduced commissions on seconds if it improved the product


A new poll from London Money has found that 82% of finance professionals would accept reduced commissions on second charges if it revolutionised the product and criteria for the borrowers benefit.

London Money conducted the poll via twitter and was one of its most voted on.

During the poll, London Money reported that it was getting comments that the broker fees for second charge mortgages were too high and putting people off.

“Our opinion on this is the only way we can stop high fees is if the lenders agree to cap the maximum broker fee charged by the broker and only accept business if they adhere to the terms,” said Scott Thorpe, director at London Money.

“If this isn’t set by the lenders, people will always chase the money and continue to charge clients extortionate fees.

Scott went on the add that this was an example of what it had banged the drum about.

“It needs a group of lenders and brokers to sit down and set a of new standards/rules for the industry to adhere to.

“These will clean up the industry and make it a worthwhile proposition for the client and mortgage broker."

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