From the 19th of September 2024, total intermediary fees that are equal to or greater than £7,000 or 10% of the net loan will be referred for review prior to the case being funded. In line with our Consumer Duty obligations, we want to make sure that we’re always able to demonstrate fair value to customers.
This change impacts fees paid on the following products:
Regulated First Charge
Regulated Second Charge
Consumer Buy to Let First Charge
Consumer Buy to Let Second Charge
Regulated Bridge First Charge
Regulated Bridge Second Charge
As part of this change, we may request to see your fair value assessments – so we kindly suggest you review these to ensure they are clear for third parties to understand. This will ensure any review is efficient and allows the right outcome to be reached without unnecessary delay.
You’ll find the above information displayed on My Broker Venue, and please feel free to reach out directly to the intermediary team on 0161 933 7101 if you have any questions.