Specialist Financial Services Ltd (SFS) has launched a new second charge loan packaging service with a difference. Their brand, the Loan Processing Centre (LPC), launched on 9th January and is aimed at professional mortgage advisers that wish to retain full control of the application, but need the backup of experienced second charge professionals.
LPC offers mortgage advisers access to a whole market of second charge proposition, without the massive fees many second charge packagers try to charge. Advisers will be offered the choice of a fee payable upon issue of a Decision in Principle of £249 or a Completion Fee of £795. Commission generated by the case is also shared with the adviser.
Tony Sutton, managing director at SFS said:
“Since MCD the process of completing a secured loan is much easier, but we find many authorised brokers shy away from considering a second charge as many current packagers make the whole process so complex. However, with variable interest rates now on offer from just 3.83% and fixed rates from just 4.03%, it is vital that mortgage advisers use this valuable product.”
“We understand that for many mortgage advisers second charge secured loans are seen as a complicated product, but here at the Loan Processing Centre we want to make things easy. We provide free sourcing software that compares the first and second charge products available and have developed our own in-house software for a more detailed comparison of what is available. Most importantly, we have put in place some of our most experienced people to provide help and advice to mortgage advisers.
“Not only are we now offering what we believe to be the market leading and the fairest fee structure in the industry, but we pay our introducers on the day the transaction completes. This can often be ten days earlier than we are paid. Our view is that our introducers should not be penalised by having to wait for us to receive our income.
“We are very excited to launch LPC and are looking forward to 2017.”