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Created on Mar 29, 2022

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Add fees to loan where allowable - Melton BS Feedback

Good morning,

We are receiving regular enquiries about our products not sourcing at the moment for brokers sourcing up to a product max LTV. This is due to the fact that your systems automatically add fees to the loan and we do not allow the max LTV for the product to be exceeded when fees are added. This is something I raised last year as other sourcing systems do not assume fees will be added, but allow brokers to select if they want them to be. Is this something that can be changed as we are concerned about the amount of business we may be missing out on for brokers who are not specifically looking for our products?

Thanks

Dan

Dan AtkinsonCeMAP

Head of Intermediaries


Please can you consider a potential change or prompt to indicate to advisers that the fees have been added to loan automatically and therefore there may be some products that have been discounted.

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  • Guest
    Reply
    |     Mar 31, 2022

    Hi Jorge,


    I understand the need for flexibility, however the majority of brokers we are talking to are not aware that their system is set up to automatically add the fees to the loan, so is this a decision made at a higher level eg. Mortgage Advice Bureau determine their set up, then all broker firms are set up like this?


    The main issue we are having is on BTL where there are no further products available above 75% LTV so it's then not showing us at all.


    Thanks


    Dan

  • Admin
    Jorge Monte
    Reply
    |     Mar 30, 2022

    Our system allows users to set their own default True Cost setting to either add or pay whichever fees they choose up front or add them to the loan where allowable.

    In addition these can be changed / overridden on a case by case basis providing users will the flexibility and control they want when sourcing for products to recommend based on the client's circumstances.

    By providing users with this flexibility products can be sourced correctly and not recommended in instances where the client can not pay the fees upfront and requires them to be added to the loan.

    Where the product arrangement fee can not be added to the loan because the combined loan amount including the fee exceeds a product LTV, the sourcing will return the higher LTV product available which can incorporate the total loan required.

  • Guest
    Reply
    |     Mar 30, 2022

    Good Morning, please could add comments to this Idea so I can pass on to Dan at Melton BS?