In March 2016 the secured loan market moved into the regulated world and loans became more like a first charge loan with full advice provided by the intermediary.

We at Complete FS offer two distinct fee options for clients, a fees paid option or fees added option. Before March 2016 we were unable to charge upfront fees on secured loans and the market relied on charging Master Broker Fees to cover abortive cases. But today we are able to be much more competitive and can now offer two distinct fee options, helping borrowers to save even more in fees:
Given the competitive nature of these fee charging options we ask the Advising Intermediary to determine the advice fee to be charged on each loan which can then be included on the ESIS document.

Why a second charge mortgage could be right for your client:

  • Your client’s current mortgage has Early Repayment Charges (ERC’s)
  • The current first charge mortgage is on a competitive rate which they wish to retain
  • Your client has minimal equity for a remortgage
  • Affordability could work out more on a secured loan versus a remortgage (interest only on the first charge)
  • Your client has a complex credit profile which would make a remortgage more expensive
  • The purpose of the loan may not be acceptable to first charge lenders

Benefits to you of a Secured Loan:

  • Most legal purposes accepted as the purpose of the loan
  • Arrears considered on many plans
  • Quicker Completion time
  • Clients can borrow between 5-30 yrs (not touching the existing loan)
  • Can be more flexible criteria
  • Advances from £10,000 – NO UPPER LIMIT (on referral)
  • Low ERC’s – 0 to 2 months generally
Complete FS Ltd offer two distinct fee structure options. Option 1 is for clients that wish to pay processing fees upfront with Option 2 for those that require all costs absorbed into the loan:
Option 1
FEES PAID UPFRONT
1% Master Broker fee on completion
£199 Application Fee
Disbursement Fee - £100 (covers lenders reference & land reg search)
Valuation Fee - if applicable (some lenders use drive by or desktop valuations)
PROC FEE paid to broker 1.35%
Option 2
NO UPFRONT FEES
4% Master Broker Fee on completion (maximum is £5,000)
No Application Fee charged
(covered by Complete)
No Disbursement Fee charged
(covered by Complete)
No Valuation Fee
(covered by Complete)
PROC FEE paid to broker 2.5%
(maximum £3,125)
MINIMUM LOAN £35,000
Available on properties valued up to a maximum of £1,000,000
NB, loans redeemed within 12 months will be subject to a pro-rata clawback of procuration fee.

Contact our dedicated Secured Loan team today on:

023 8045 6999

3 (then option 1 new business, option 2 existing case)

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