The promotion, which runs until 19th December 2003, rewards brokers with a £20 drinks voucher for every secured loan or mortgage case which is submitted before 19th December this year. Brokers can also earn an additional £100 commission on every valid application which completes before 13 February 2004. The drinks vouchers are redeemable at any Thresher owned stores, which includes Threshers, Wine Rack, Victoria Wine, Huttons, Bottoms Up, Drinks Cabin and Haddows.
Mel Dring, Marketing Manager at Freedom Finance, said: “This promotion is a seasonal opportunity to remind brokers of the benefits of selling secured loans. When borrowers want to raise additional capital brokers instinctively recommend a remortgage or further advance, which may not always be the best deal. Here are few reasons why secured loans can make good sense:
- Speed. Secured loans can usually be completed more quickly than a mortgage, because there is no waiting for the offer of advance and completions process to be completed. If a client needs money quickly, a secured loan is an ideal solution.
- No up-front fees and charges. With a traditional mortgage there are up-front fees and charges for the client to pay, but not so with a secured loan. There are usually no application, valuation, MIG, solicitors or reference fees to pay.
- Competitively priced money for all sorts of uses. Secured loans start with rates as low as 6.9% APR. They are frequently cheaper than unsecured loans and will often accommodate an element of impaired credit. Loans can be used for virtually any purpose from debt consolidation to home improvements, car purchase and capital raising.
- No need to downgrade a clients mortgage. If a client has built up a history of missed payments and CCJ’s since taking out a competitively priced mortgage, they may think that the only way to raise additional capital is by remortgaging with a sub-prime lender – at a higher interest rate than the one they are currently enjoying. In these circumstances it may be much better to leave the original loan in place and borrow additional money using a competitively priced secured loan.
- No need to pay redemption penalties. During the past few years, many borrowers have taken advantage of the many fixed and discounted mortgage deals on offer, but may be locked-in by redemption penalties. If this is the case, a personal loan avoids the need to pay the charges involved in remortgaging.
- Clear outstanding debts without delay. With interest rates at historically low levels, it makes sense for clients to consolidate their outstanding credit card and unsecured loan debts into a single low-cost secured loan, which can be repaid over any period from 5 to 25 years.”
Freedom Finance pays brokers attractive rates of commission on all completed cases and also has a range of optional insurance products available.
Brokers requiring further information about Freedom Finance products and services can either visit the Company’s website at www.brokers.freedomfinance.co.uk or phone Mark Herbertson on 01625 416725 or John McDonnell on 01625 416023.
