At Specialist Financial Services we have come up with the most transparent commission structure for secured and unsecured loans in the UK, and a truly fair and flexible solution. When you submit a re-mortgage application to a lender you know how much you will earn, as the lender will pay you a percentage of the advance. At Specialist Financial Services we do exactly the same, except we pay you much more.
Our commission structure couldn't be simpler. We will pay you a fixed percentage of the net loan amount, so for example if we arrange a secured loan for your client of £40,000 with Shawbrook Bank at an interest rate of 6.9%, you will earn 4% of the advance
- £1,600 without any deduction of processing costs. It doesn't matter which lender we proceed with or what the interest rate is - your commission is still 4%. It doesn't matter whether the valuation costs us £400 or £800, or if the lender's criteria states two valuations are required - you will still earn 4%
. Regardless of what expense we incur during the process, your income is 4%.
If you want to earn more than this amount by, for example £500, we will increase the broker fee we charge by £500 only. Our income stays the same. Many other brokers will allow you to do this, but because they pay 50% of the income generated, they will usually increase the fee by £1,000. And we can do this because we do not charge extortionate broker fees like so many of our competitors.
If you only wanted to earn £500 commission we would reduce the broker fee charged by £1,100. Our income stays the same, but your client is charged lower fees, a lower A.P.R. and more importantly a lower monthly repayment.
This 4% commission applies to all second charge secured loans up to £50,000, regardless of who the lender is. For applications over £50,000 our lenders usually cap the fees we can charge so we pay slightly less than 4%, so please call us. On Buy To Let loans and Unsecured Loans you can earn 5% of the advance.
We realise that every introducer is different. That's why our commission structure is flexible enough to suit your requirements and treat your customer fairly at the same time. All fees, commissions and product terms are declared to your client before the loan process starts, so there are no nasty surprises in the future when they come to repay the loan advance.
We believe our way is fairer and more transparent for you, is much fairer to your client and is keeping with Treating Your Customer Fairly.