Mortgage 2000 has announced it is to launch a new secured loans sourcing system in September in a bid to encourage more advisers to opt for secured loans as an alternative to remortgaging, writes Kirstie Redford.
The panel of lenders is set to include Sterling Credit, GoLoan, Capital Investor, Marlborough, First National, igroup, Paragon, The Associates and Blemain.
The system will allow brokers to source the cheapest secured loan from over 68 products, find the best deal for their client’s circumstances and then apply online. A decision in principle will be made within three working hours.
Simon Nixon, chief executive at Mortgage 2000, said: ‘Secured loans for raising finance can be better for clients than remortgaging for a variety of reasons. The most obvious scenario is a client with a high street variable rate mortgage who has since acquired some adverse credit. Rather than remortgage the entire loan to a loaded rate it makes sense for just the extra finance to be loaded,’ he said.The industry is demanding more professionalism through the acquisition of recognised qualifications