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

Clever introduces dual fee option for seconds

Sam Kirtikar

Clever Lending has streamlined and simplified its second charge fees with a dual fee structure that offers customers a choice depending on their circumstances.

As part of its new approach, the master broker states that it’s putting clients first and giving introducers options as to which route suits their requirements.

In one option, the client pays a £495 fee on application for packaging a second charge of any size and then pays subsequent fees. 

The other option is based on Clever’s belief that many second charge clients may not be in a financial position to pay an upfront fee.

Therefore, the master broker has modernised its ‘fee added’ proposition so that a fee – up to a maximum of £2,495 – is added to the second charge, but this will be the only fee the client pays in the vast majority of cases, with Clever paying all costs from this.

With the ‘fee added’ option, Clever will continue with its 50/50 split on all net income with introducers and pay their fees the day after completion.

Sam Kirtikar, managing director at Clever Lending (pictured above), said it was all about transparency and that its new dual option introduced a more cohesive and straightforward fee structure that benefited those involved in the loan process.

“The new fees are easy to understand and provide for the packaging and advisory options for the broker and their customers. 

“We fully appreciate that second charges should in essence be seen as specialist mortgages and many require them for debt consolidation. 

“In this scenario, customers won’t have the fees readily available and, therefore, need to be able to rely on a fair and fixed fee on completion.”

Clever added that with the average second charge loan being around the £100,000 mark, its ‘fee added’ option would see the fee sit at 2.5%, but those with lower loan sizes would enjoy lower fees.

“We have reviewed our fees with feedback from brokers and other business partners and we are confident they are fair to the customer and highly competitive in the seconds market,” added Sam.

“Taking into consideration all the costs and qualified resources it takes to process these cases, we have managed to provide competitive options for either business route.”

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