Fee Policy

March 2016 saw MCD radically change our industry. After changes to regulation following MCD along with market research and feedback from industry heavyweights we have made a radical much needed change to our fee policy.

We no longer charge broker fees, we have abolished them.

Our new process will see us charge an upfront £245 application fee direct to the customer, along with this the customer will pay the valuation fee to align further with first charge mortgages and upon completion we will keep the procuration fee.

Some intermediaries will think “how will I earn any money?”

As an IFA or Mortgage Advisor you are an industry qualified professional, that is how you will earn your money by charging for your advice and time.

Is it fair that post MCD we would charge a large broker fee which will incur interest and can erode funding availability in terms of monetary amounts available due to the amount of fees added to the advance?

In the new world this is TCF and the right thing to do for our customers.

Benefits of our change in policy:

  • With removal of our broker fee this will help us when we are working with maximum advances/offers
  • LTV flexibility, it can help when LTV would normally be stretched due to the amount of fees added to a loan which can increase interest rates due to more risk
  • This will help affordability calculations if things are tight on affordability
  • Bigger net loans, your customer can lend more as there is no fee added to the loan

Our pledge to you:

  • We will never cross sell your customer
  • If the customer comes back to us directly we will inform the introducer to enable potential ancillary sales

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Freedom for Intermediaries is a trading style of Freedom Finance Limited registered in England and Wales. Company number 06297533. Freedom Finance Ltd is Authorised and Regulated by the Financial Conduct Authority. Registered office: Atlantic House, Atlas Business Park, Simonsway, Manchester, M22 5PR. VAT Registration Number: 156 0324 34 Copyright © 2010-2015 Freedom Finance Limited. All rights reserved. Reproduction in whole or in part without permission is prohibited. Calls may be recorded for training and monitoring purposes.