Specialist distributor TFC Homeloans is cutting its fees from Black Friday.
Brokers can choose from two fee options, one a £195 fee on application and the other a £495 fee on completion.
The new fees apply to a range of loans including first charge residential, second charge, buy-to-let and bridging business on a single property on all deals submitted from today.
TFC Homeloans managing director Nigel Payne says: “From today we are slashing our fees to what is the best value in the industry, plus advisers and their clients will benefit from our 25 years’ experience in the sector and pioneering sourcing and processing technology.”
Precise Mortgages managing director Alan Cleary says: “This is a bold move by TFC and will no doubt help in promoting the benefits of second charge lending to the broker network.
“Second charge loans are often a viable alternative to further advances or remortgages, and TFC’s new structure will remove any fee-related barriers to selecting a second charge loan when it is the most suitable product available.”