Clever Lending has joined IRESS’s XPLAN Mortgage sourcing platform, allowing brokers to compare second charges against remortgage products.

A key feature of the sourcing platform is the transparency of fees, which is displayed upfront to help brokers make an informed choice when it comes to assessing the cost of a loan for their clients.

The master broker recently announced a new dual fee structure for seconds, offering more choice when it comes to accessing second charge products.

The platform also has the ability to produce sourcing comparison reports and the functionality to produce an ESIS.

It is also able to provide a suitability letter for a second charge product if recommended and the option of second charge lenders – particularly where some networks will only choose to see products from certain lenders/master brokers.

Clever’s new fee structure caters for the client paying a £495 fee on application for packaging a second charge of any size and then paying additional fees, which are listed in the key facts illustration.

The other option is to pay in advance – up to a maximum of £2,495 – which is added to the second charge, but is the only fee to be paid by the client in the majority of cases, with Clever paying all costs from this.

Sam Kirtikar, managing director at Clever Lending (pictured above), said: “This exciting new initiative comes at a time of change in the second charge sector and we have introduced a transparent new fee structure to give options for customers when they apply for a second charge mortgage.

“Joining XPLAN Mortgage allows our new fee model to be made more widely available and ultimately help everyone in the lending process and continue to promote the benefits of seconds.”

Dave Miller, executive general manager (commercial) at IRESS, added: “IRESS is a big supporter of innovation in the market and welcomes any initiative designed to make the process easier and more transparent for consumers.

“We’re delighted to welcome Clever Lending to XPLAN Mortgage and look forward to working with them as we continue to offer more customer choice and flexibility in this vibrant sector.”