Positive Lending launches flat second charge fee
Positive Lending is charging a flat £995 fee to Directly Authorised intermediaries for all residential second charge secured loans, with the intermediary receiving 100% of the proc fee.
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Additionally, intermediaries can charge and retain 100% of any broker fee and access a whole of market secured loan lender panel.
The changes apply to all Positive exclusive and semi-exclusive products.
Chris Fairfax, Managing Director at Positive, commented:
“We believe in fairness and transparency, we don’t believe the customer should be charged larger fees for larger loans. Over the last few weeks we’ve been testing our revolutionary proposition with key partners and the response has been overwhelming.
"Yes, we have reduced the amount we can earn from each residential secured loan we arrange but, as a business, we are already benefitting from our competitive proposition; which is truly better for both the intermediary and their customer."
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