The company is the first specialist broker to give their introducers a full breakdown of the processing cost on their commission statements, including the invoices to prove they are the most transparent broker in the market place.
Typical Example - Secured Loan:
- Loan Amount: £22,000
- Broker Fee 10%: £2,200
- Commission 1.5%: £330
- Total Income Generate: £2530
Cost Examples
An Average Valuation fee for a property of £150,001 - £200,000 is £175 (inclusive of VAT).
An Average BSQ Cost is in the region of £100 therefore total deductions are £275 - therefore commission would be £1127.50.
Scott Thorpe Director of Access 4 Finance commented:
"Having spent the last few years dealing with brokers closely, they have always been concerned about the deductions from their commission. Some high profile brokers state an average processing cost is in the region of £500-£600 plus, which doesn’t help the Secured loan market's reputation when the average is nearer to £275.
This can also be a lot lower - with some of the lenders working off AMV reports or not needing a BSQ as the client is clean and has 12 months credit history showing on their credit report, for example.
Therefore we have decided to make things transparent which we hope will encourage brokers to look at Secured loans as a viable option to a remortgage, especially with the low rates on offer via the likes of Nemo Personal Finance & Shawbrook Bank."
