Brokers using the system can source a secured loan using a panel of 13 lenders. Promise will then conduct a soft credit search and supply the broker with the costs and details of the product so the broker can decide whether to proceed.
Steve Walker, managing director of Promise Finance, believed the system would clear up the mystery surrounding secured loans in the broker market and also help brokers with ‘Treating Customers Fairly’ by offering a second charge option to their clients.
“The more we look at the system, the more we believe this is significantly ahead of the rest of the market and a major step forward for brokers. All the mystery surrounding secured loans is taken away but the broker keeps control of the customer right through the process. We think the system is simple and fast and will be easily embraced by brokers.”
Promise is also set to add other features to the proposition at a later date, including a marketing toolbox and secured loan training for brokers to help them understand the market further.
David Mead, managing director at Flexible-mortgage.net, said: “It sounds like an excellent system and to have a sourcing system-like tool will help to bring transparency to the issue of secured loans.”
