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Complete FS: Master broker fees still too high

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Packager Complete FS is calling for more second charge master brokers to drop their fees to intermediaries.

Complete FS director Tony Salentino says more master brokers should move to a flat fee model similar to that seen in the first charge market.

He says: “We believe that the right course of action is for the industry to renounce the old fee structure and introduce a flat application fee.

“What is important is that the client can see exactly what he is paying for. Advisers now have more clarity which means that they can confidently compare a first charge remortgage more clearly with a second charge loan.

“Costs are going to come under the microscope and if the second charge sector is to continue to grow, then reduction of fees and more transparency are going to be very important in persuading first time adviser users to properly consider a second charge option for clients.

“There are plenty of good reasons why a second charge loan is suitable, but costs are a major factor in that calculation.”

Complete FS scrapped its master broker fee in May and replaced it with a £199 fee.

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