Transparent fees for second charge products

When it comes to fees, we’re providing transparency in the second charge market. We have two options for you to choose from and you can decide what structure is best for you and your client:

Option 1

Application fee of only £495 for loans of any size and your client pays any subsequent costs, including any advice fees you wish to charge.

Option 2

A flat loan fee is added on completion of you and your client’s agreement and we will pay all other costs up front for properties valued up to £1,000,000. This fee can also be paid up-front if the client doesn’t want to add it to the gross loan amount. Clear, simple and competitive commission rates and the fee will never exceed £2,495 regardless of loan size.

If the property is valued over £1,000,000, further consideration will be taken before paying valuation costs but our team will be happy to discuss this with you.

Our track record

Clever Lending retained just 3.7% net commission for second charge loans in 2018 and we paid our introducers an average of 53% throughout 2018 for all completed business.

We also cap our fees to ensure our customers don’t pay more for larger loans. In fact, our fees for buy-to-let second charge loans equated to just 2.2% in 2018. For example, one customer completed a loan of £145,000 and our fee structure meant that our total commission on the transaction was just 2.4%!

To find out more about our transparent fees and second charge products contact us now.