The packager is charging an upfront fee of £199 along with lenders’ valuation fees and disbursements.
Complete FS has binned 'excessive' master broker fees and will instead move to a flat application fee structure.
The packager is charging an upfront fee of £199 along with lenders’ valuation fees and disbursements.
Tony Salentino, Complete FS director, said: “At Complete FS, we are looking to provide a much improved customer journey for secured loan borrowers, which is more transparent and does not involve exorbitant fees.
“The options we offer are designed to ensure that advisers have a clear choice to offer clients and also decide how much they want to take as a broker fee.”
Complete FS said it has adopted a comparable fee structure to the first charge market.
Maeve Ward, sales and operations director at Shawbrook Bank, said: “It's great to see Complete FS leading the way in education as well as addressing one of the main reasons why brokers have avoided second charges in the past, namely the fees!
"Now that seconds are regulated in exactly the same way as first charge mortgages and fees are allowed to be charged upfront, fees have started to come down. Complete FS is leading the way in aligning their model to that of the first charge sector. A breath of fresh air!”
