Brunel Mortgages has updated its fee structure in response to Mortgage Credit Directive changes.
Brunel Mortgages has updated its fee structure in response to Mortgage Credit Directive changes.
The packager will charge a packaging fee on production of the binding offer from the lender of £999 for loans between £5,000 and £20,000, £1,295 for loans between £20,001 and £49,999, £1,495 for loans between £50,000 and £249,000 and 1% for loans above £250,000.
Rob Derry, managing director, said: “Our single packaging fee means that the advisor knows exactly what a mortgage is going to cost when we package it for them and it dovetails in perfectly with the way the vast majority of advisors now charge for first mortgages. They will still be able to charge their own advice fee, as they currently do on first charge mortgages.”
He added: “Ever since MCD was first mentioned, we decided our business model would be to remain as a pure packager after conversations with brokers and lender partners.
“We have always been convinced that this is the best route for mortgage advisers to access second charge and specialist first charge mortgages under the new rules.
“The advice remains with the broker, who knows the client, and our experienced and knowledgeable staff give them all of the options for them to advise their client accordingly. We will then fully package the application to the relevant lender for a speedy completion.”
