Brokers can now choose from two fee options: £195 fee on application or £495 on completion.

The fees apply to a wide range of specialist funding solutions, including first charge residential, second charge, buy-to-let and bridging business on a single property.

Nigel Payne (pictured), managing director of TFC Homeloans, said the reduction comes on the back of a successful year. “2016 has been a fantastic year for TFC Homeloans and we are hugely grateful to our broker partners for their business and continued support,” he said. “From today we are slashing our fees.”

Alan Cleary, managing director at Precise Mortgages, said this could provide a boost to second charge mortgages, which have historically borne higher fees.

“This is a bold move by TFC and will no doubt help in promoting the benefits of second charge lending to the broker network,” said Cleary.

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“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.”