Advisers will be able to access loans using point-of-sale technology that provides instant quotations to ensure intermediaries get fast and accurate information on the most competitive available.
Doug Hall at 3mc said: “Our members have already acknowledged that secured loans are an increasingly important product for advisers, and indeed form part of a truly Treating Customers Fairly offering. However some were put off by a previous lack of products and a perceived lack of compliance around them.
“Teaming up with Promise provides an immediate increase in the choices available with their whole of market panel, and advisers can also take advantage of the price comparison tools and audit trail that Promise can offer.
“Secured loans were previously viewed as a sideline product, and whilst many clients still have great low standard variable rate deals, many mortgage companies are still taking a dim view of adverse, the self-employed and more marginal applications. The need for a secured loan outlet has never been greater.”
Steve Walker, managing director at Promise Solutions, added: “The 3mc strap line of “Mortgage Distributing through technology” goes hand in hand with the way Promise approaches the industry. Our LenderQuote system provides 3mc members a quick, controlled, transparent and compliant sales process.
“In addition to this, our whole of market panel and exclusive product plans allow us to provide additional depth to a brokers portfolio of products, and with average commissions well over £1,000, and sometimes over £2000, we can also help their bank balances.”
