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Second charge sourcing systems should be ‘forced’ to show broker fees upfront

Calculating fees

Second charge mortgage master brokers should be forced to show all fees, according to one industry figure.

The news comes after V Loans launched a new sourcing system which looked to improve transparency within the market by displaying master broker fees upfront to allow brokers to make an informed decision when choosing a partner.

Loan Talk therefore wanted to look at whether all second charge sourcing systems should display master broker fees to help improve transparency within the industry.

Steve Harness, commercial director at The Loan Engine stated: “When making this comparison, we find intermediaries tend to home in on ‘cost over five years’. 

“But how can an intermediary make a cost comparison if the master broker fees are not displayed?  

“We think it would be a really positive move if all sourcing systems included master broker fees.”

Meanwhile, Martin Stewart, director of London Money Loans, felt all broker fees should be transparent from the very start.

“They should all be forced to show the broker fee and all the other fees as well. 

“Going forward the second charge market has to be as transparent as the first charge market. 

“Here I go beating the transparency drum again, but the lack of it is one of the main reasons why brokers struggle to engage with the product.”

Lucy Hodge, managing director of Vantage Finance, said it could be hard to compare broker fees like for like on a sourcing system.

“Ultimately the product is the product and the arrangement with [the] master broker and the introducer regarding fees will vary from business to business, and transparency in general is of utmost importance, not specifically relating to sourcing systems. 

“I still think that the human input for specialist finance is a good thing for the market and therefore an overreliance on sourcing systems is not a great thing. 

“Having fees on there is a good place to start, but should not be the only focus, and introducers who have a preferred master broker should be comfortable with the competitiveness, fairness and transparency of the fees charged.”

Martin agreed that there shouldn’t be an over-reliance on sourcing systems.

“…Every case is different so there needs to be flexibility in there as well so that the broker can control them on a case-by-case basis. 

“That is what we do for our brokers, offer them the bedfellows of transparency and flexibility.”

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