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The boss of Precise Mortgages said the bid by lenders to pay commission fees based on quality is simply a move to trim down broker fee budgets.
Second charge lenders will be banned from paying brokers volume overrides or ‘loyalty bonuses', when the Mortgage Credit Directive (MCD) rules become law in March 2016.
Other Precise mortgages articles
From tomorrow, NatWest Intermediary Solutions will increase procuration fees for residential mortgage adviser completions.
All mortgage market stakeholders should prepare themselves for the full regulation of the buy-to-let market in the future, according to industry experts at today's FSE event.
Mortgage market commentators have suggested gross lending levels will breach £200bn in 2014 however cautioned against spectacular increases throughout 2015.
Smaller lenders are unable to increase residential procuration fees unless the bigger players make the first move, Precise Mortgages managing director Alan Cleary has said.
Precise Mortgages has widened its criteria for self-employed customers in a bid to grow market share in this area.
The Treasury's U-turn on the regulation of buy-to-let mortgages will see ‘accidental landlords' swept into the same regime as residential property owners.
Precise Mortgages, the specialist lender, has launched its residential mortgage range in preparation for what it expects to be a ‘busy end' to 2014.
Precise Mortgages has simplified lending criteria, cut rates and confirmed its preferred panel of 12 master brokers to distribute its second-charge loan range, which lists Brightstar, V Loans and Y3S.
Precise Mortgages has launched two prime buy-to-let products at 80% loan-to-value (LTV) while Coventry has focused on landlords with larger deposits releasing products up to 65% LTV.
Following an operational review, residential conveyancer Goldsmith Williams is aligning itself more closely with the lending market.
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