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Positive Lending to charge flat fee for seconds

Fairfax

Positive Lending is now charging brokers a flat fee for second charge business rather than a percentage of the loan.

The £995 fee applies to all residential second charge loans. Submitting directly-authorised brokers will also keep all of the procuration fee.

The packager says intermediaries can set and keep all broker fees.

Positive managing director Chris Fairfax says: “We believe in fairness and transparency, we don’t believe the customer should charge 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.”

Earlier this week Complete FS announced it was axing master broker fees to boost seconds interest from intermediaries.

PMS announced that its brokers can submit second charge loans to Precise Mortgages directly.

A statement from PMS says the move will give brokers more choice and will not cut out its master broker panel.

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