Loan Source allows brokers to search for secured loan and bridging products. PTFS already uses Mortgage Source, also owned by Twenty7Tec, which combined will allow ARs to compare the benefits of remortgaging to taking out a further advance or a second charge loan.
From 21 March, rules brought in by the Mortgage Credit Directive (MCD) state that when a borrower is capital raising they must be made aware of a second charge loan by the adviser. The adviser can choose to hand off the client to a secured loan specialist or provide them with advice.
With a sourcing system that can compare all options, PTFS ARs will be able to keep the whole advice proposition in-house allowing them to retain the title of independent mortgage broker. Those handing-off the client to a specialist will no longer be able to retain that status.
James Tucker (pictured), managing director of Twenty7Tec, said: “LoanSource was conceived for specialist distributors, directly authorised firms and major networks such as Personal Touch to support their compliance with the MCD regulations.”