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

New second charge packaging service launches


Specialist Financial Services (SFS) has launched a new second charge loan packaging service for professional mortgage advisers looking to retain full control of their applications.

The Loan Processing Centre offers advisers access to a whole-of-market second charge proposition with a choice of a £249 fee payable upon issue of a decision in principle or a completion fee of £795.

Commission generated by the case is also shared with the adviser.

Tony Sutton, managing director at SFS, said: “Since [the Mortgage Credit Directive], the process of completing a secured loan is much easier, but we find many authorised brokers shy away from considering a second charge as many current packagers make the whole process so complex.

“However, with variable interest rates now on offer from just 3.83% and fixed rates from just 4.03%, it is vital that mortgage advisers use this valuable product.

“We understand that for many mortgage advisers second charge secured loans are seen as a complicated product, but here at the LPC we want to make things easy.”

SFS provides free sourcing software that compares the first and second charge products available on the market, and has also developed its own in-house software for a more detailed comparison of what is on offer.

The firm pays its introducers on the day the transaction completes, which can be up to 10 days earlier than SFS receives payment. 

Tony added: “Our view is that our introducers should not be penalised by having to wait for us to receive our income.”

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