Positive Lending has more than doubled its second charge mortgage completions since the launch of its new fee structure.
The specialist packager credits this increase in business to its packaging fee proposition which charges a flat £995 for residential second charge mortgages and allows the advising broker to retain 100% of the procuration fee and any broker fee.
Paul McGonigle (pictured), chairman at Positive Lending, said: “Earlier this year Positive Lending launched a fresh approach for second charge mortgages and the response has been fantastic.Our intermediary partners tell us that they appreciate the transparency of our fee structure and, more importantly, that our proposition means they can ensure the very best and most cost effective loan outcome for their clients.
“With so many packagers insisting on more complex and expensive second charge fee structures, we’ve attracted many new intermediary relationships due to our transparent and fair offering. Positive Lending charge a flat £995 packager fee for all DA advised residential secured loans. The intermediary receives 100% of the proc fee plus they can charge and retain 100% of any broker fee.
We provide access to a whole of market second charge lender panel, including exclusive and semi-exclusive loan plans, either via our 360 loan sourcing and case tracking system or via direct access to our expert lending team.”