SECOND CHARGE UPDATE
As you know, we launched our new second charge service a few weeks ago, supported by our experienced, dedicated 2nd charge team.
If you have missed it, we now have a full panel of second-charge lenders to meet all your client’s needs, including lenders that can consider up to 100% LTV, credit blips and affordability higher than 6 x income.
We also confirmed that commissions increased from a typical 1.5% to a typical 2%
Package or Referral it’s your choice!
You can choose from the packaged or referral services to access the whole panel of lenders.
With the Referral service, hand over the responsibility of advising the client to the Connect team while still receiving a generous share of the commissions and fees and being kept updated.
With the Packaging service, you retain the advice while the Connect team support you with the initial research and the complex packaging and processing of the case for a set packaging fee.
We have listened!
Since launch, we have listened to your feedback and tweaked the fees to make it more competitive for you and your clients.
There is no change to the referral commission terms. For packaging, instead of taking 50% of your broker fee, we will now charge a flat packaging fee of £1295, which will typically be added to the loan. This will leave you free to decide your broker fee, which you will keep 100% of as with other products.
Please note, due to how the second charge lenders work, the direct route is only available from 3 lenders with significantly reduced commissions.
Marketing Toolbox
We have just updated the marketing toolbox with email content that you can use to generate enquiries from your clients.
For more Information
For full details on the second charge process, fees, commissions etc., see the relevant section of the operations manual here:
Chat to the Team
Contact the Second Charge Team for any new enquires on 01708 676135
Second Charge Lender Panel
