Lenderlink, which was launched last year by Y3S parent firm the Specialist Mortgage Group, offers brokers access to its own panel of second charge lenders. All members of the Connect network will be automatically registered and can use the system to either submit applications directly or refer clients on to Lenderlink.
If a broker opts to refer their client, Lenderlink will take on responsibility for the advice and charge a fee. That fee will be outlined to the broker in advance, as well as their expected share of it.
Connect pointed out that Fluent for Advisers has access to a large product range, and boasts a flexible fee structure. While it will take over responsibility for the advice, both brokers and their clients will be able to track the case through to completion.
Liz Syms, chief executive officer of Connect, said the firm was “always looking to enhance our proposition for brokers” and noted that these partnerships would not only open up access to more lenders, but also give brokers the option of referring their second charge enquiries rather than handling it all themselves.
Connect members will still be able to use the Connect panel for direct submissions, where they will retain responsibility for the advice and determine what fee is charged.
Syms added: “Each of the three options has its benefits: Lenderlink offers a simple and straightforward system for quotation and application, Fluent for Advisers offers flexibility with the fee structure and a high level of experience, while Connect’s own panel gives those who want to retain control of the advice the option to do so, and keep all the fees charged.”