TFC Homeloans is reducing its fees from Black Friday.

Brokers can choose from two fee options, based on the most suitable for their client: £195 fee on application or £495 fee on completion.

The new fees apply to a range of specialist funding solutions, including first charge residential, second charge, buy-to-let and bridging business on a single property.

Nigel Payne (pictured), managing director of TFC Homeloans, said: “2016 has been a fantastic year for TFCHomeloans and we are hugely grateful to our broker partners for their business and continued support. 

“From today we are slashing our fees to what is the best value in the industry, plus advisers and their clients will benefit from our 25 years’ experience in the sector and pioneering sourcing and processing technology.”

Alan Cleary, managing director at Precise Mortgages, added: “This is a bold move by TFC and will no doubt help in promoting the benefits of second charge lending to the broker network. 

“Second charge loans are often a viable alternative to further advances or remortgages, and TFC’s new structure will remove any fee-related barriers to selecting a second charge loan when it is the most suitable product available.”

The new low fees will apply to second charge loans, first charge residential, buy-to-let and bridging business on a single property submitted to TFC Homeloans from Black Friday.