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TSLE2020: High broker fees for second charges are ‘purely a myth’ – Walters
The second charge mortgage sector is no longer a “dirty market” and high broker fees are “purely a myth”, United Trust Bank has said.
Mike Walters, head of sales at the lender’s mortgages and bridging division, made the remarks at The Specialist Lending Event (TSLE) in Birmingham.
He said: “Fees are a common conversation within our market. There are many different specialist distributors out there who’ll work with you on the fees. Some distributors won’t charge a fee, some will just charge for costs such as valuations and BSQs (building society questionnaires) but they will work with you.”
“High broker fees are purely a myth,” he added.
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Walters also said when it came to second charge mortgages, the lender was not lending to customers who could not afford its loans. He claimed this was evident in repossession rates for second charges being at the same level as first charges.
He added: “This is not the dirty market that we once saw.”