Complete FS is now offering a full refund of the valuation on Precise Mortgages’ new bridge to let product.
The packager believes that the whole lending market needs to ensure that customers are receiving maximum value from every transaction.
Director Phil Jay said non-regulated packagers are on the FCA’s radar and must recognise the importance of constantly reinforcing the value, which brokers and lenders already appreciate.
He said: “Our refund of valuation on this product attempts to spotlight the importance of this novel product, which Precise Mortgages has designed to provide a flexible alternative to light refurb products.
“Now the market is beginning a sustained recovery, it is also vital that all of us involved in lending, marketing and distribution, continue to stand for complete transparency by making sure the value we bring to the market is not eclipsed by excessive fee charging, which ultimately is borne by the client.”
Alan Cleary, managing director of Precise Mortgages, added: “Our bridge to let product has an important role to play in the short term lending market and we are pleased to see that Complete FS is highlighting its role.
“We have long championed complete transparency, particularly in respect of the calculation of interest on bridging deals. The regulator has made it clear that it will not fail to act where it sees outcomes it considers detrimental to customers and we all need to ensure that the highest standards are maintained to show the regulator we match our words with actions.”
