Lender introduces 10% commission on updated products

00:00 Friday 26th April 2013

A secured lender has updated its full range of homeowner loans, introducing an enhanced 10 per cent commission for its most active brokers.

1st Stop Homeloans, part of the 1st Stop Group, has made a number of changes to its range of second charge products.

The Blackpool-based provider has opened up its offering to self-employed customers for the first time and has extended the maximum size of its secured product from £12,500 to £15,000.

1st Stop will also consider lending up to £10,000 to borrowers on a first, second or third charge basis.

Finance secured on a shared ownership property is now available up to a value of £5,000.

Borrowers with up to six months of historic mortgage arrears have also been granted access to the lender’s Standard range of products, with loans available up to a value of £7,500.

Beyond such improvements to its criteria, 1st Stop has also extended its transparent broker commission structure.

Intermediaries can still earn a base commission of seven per cent of the net loan amount, but those who can supply over £25,000 worth of net loan completions in a month - will earn a total of 10 per cent.

For example, a broker who oversees £30,000 worth of loans in a month will earn £3,000 of commission.

Speaking about his firm’s updated range, Simon Hayton, Director of 1st Stop Options, said: “At 1st Stop we don’t stand still. We innovate and adapt. We’ve been lending in the sub-prime secured loan market since 2007 on an unlimited LTV basis and we pride ourselves on our service to both customers and brokers.

“The enhancements to the offering represent another positive step taken by 1st Stop to support the growth of the secured loan industry.”

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Lender introduces 10% commission on updated products

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