Introduced to replace the typical, variable staggered fees charged by most mortgage lenders and distributors and offered as an all-inclusive, non-refundable fee to registered Track users only, TFC has succeeded in creating a low cost and sustainable product that offers continued savings to their clients while attracting consistent repeat business.
Whereas other lenders and distributors have attempted to wow brokers with application fees as low as £49 and even, at times, waiving them altogether, TFC’s highly competitive rate has proved to be the long term winner for the company and their clients by being permanently available across all lenders and all products, with no limits or restrictions.
Simon Snape, head of products & marketing at TFC, attributes the longevity of the £99 offer to the rise in registrations for Track, their renowned online mortgage processing and management information system. As he explained, ‘By providing an efficient method for brokers to key in their own customer information and then monitor an application’s progress from initial enquiry through to completion, we are improving both response times and financial savings to all parties, most importantly the borrower.’
The £99 application fee covers all costs associated with the mortgage application, including valuation, all referencing and re-type charges but brokers must process the application through the Track system in order to qualify.
‘We have long held the belief that any benefits afforded us by Track’s streamlining of the mortgage application process should be passed on to our clients, so they can further improve their customer proposition. The ongoing popularity of the £99 flat fee offer is testament to the success of this strategy,’ says Simon. ‘It is not a short term gimmick, the TFC Homeloans £99 application fee is here to stay.’
