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Manor appoints Promise Solutions as second charge partner

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  • 01/12/2014
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Manor appoints Promise Solutions as second charge partner
Manor Mortgages has appointed Promise Solutions as its referral partner for its members looking for a secured loan option.

A purpose built portal has been designed to allow the two parties to conduct business.

Second charge providers are becoming an increasingly important player in the market amid more stringent regulation being placed on the sector.

Dave Stephenson, managing director at Manor Mortgages, said: “Manor are experts at sourcing specialist first charge mortgages on behalf of intermediaries from a range of lenders but when it comes to the second charge market, we have decided to partner with an established player in that field.”

Stephenson went on to say that traditionally there have been three main ways for intermediaries to raise extra money for their clients – re-mortgages, further advances and unsecured loans and explained that there are many reasons why these three options may not be suitable.

“Intermediaries can now use Manor’s secured loan portal to justify and build an audit trail as to what type of loan was recommended and the reasons a secured loan or other types of re-finance was chosen, and the sales process can be adapted to suit individual intermediary requirements”

Steve Walker, managing director of Promise Solutions, said: “With the recent publication by the FCA of their proposals to implement the EU mortgage credit directive and transfer regulation of second charges to its mortgage regime it follows that there will start to be greater alignment of secured loans to mortgage rules.

“However, brokers should already be considering secured loans to demonstrate they are meeting their obligations under TCF and delivering suitable outcomes.”

Stephenson said that Promise Solutions was delighted to provide Manor with the technology to source a secured loan quotation from 20 lenders within 60 seconds. 

He said: “In our opinion it is vital that intermediaries consider all options available to clients wishing to raise finance.”

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