Clever Lending has joined IRESS’ XPLAN Mortgage sourcing platform, allowing brokers to compare second charges with remortgage products.

Fees are displayed upfront to give brokers an informed choice when it comes to assessing the cost of a loan for their clients. Clever Lending recently announced a new dual fee structure for second charge products.

The system also has the ability to produce sourcing comparison reports and the functionality to produce an ESIS, the ability to provide a suitability letter for a second charge product if recommended and the option of supporting panels of second charge lenders, especially where some networks will only wish to see certain lenders/master brokers’ products.

Clever’s new fees structure caters for the client paying a £495 fee on application for packaging a second charge of any size and then paying subsequent fees, which are itemised in the key facts illustration, while the other option is paid upfront to a maximum of £2,495 which is added to the second charge but will be the only fee the client pays in the vast majority of cases and Clever will pay all costs from this.

Sam Kirtikar (pictured), managing director of Clever Lending, said: “This exciting new initiative comes at a time of change in the second charge sector and we have introduced a transparent new fee structure to give options for customers when they apply for a second charge mortgage.

“Joining XPLAN Mortgage allows our new fee model to be made more widely available and ultimately help everyone in the lending process and continue to promote the benefits of seconds.”

Dave Miller, executive general manager (commercial) at IRESS, added: “IRESS is a big supporter of innovation in the market and welcomes any initiative designed to make the process easier and more transparent for consumers.

“We’re delighted to welcome Clever Lending to XPLAN Mortgage and look forward to working with them as we continue to offer more customer choice and flexibility in this vibrant sector.”