Commenting, Steve Walker, managing director at Promise said: “Across our whole secured loan panel we already pay introducers an average of £1,200 on each completion... Going forward, on a normal £35,000 loan with Blemain, Promise introducers will earn an extra £350.
Walker added: “Mortgage brokers should really keep an eye on the secured loan market as it is innovating quickly at the moment. The commission income is very substantial, the work for the introducer is minimal and the products are improving all the time with rates now as low as 7.9%.
“We have seen a significant upturn in enquiries from new brokers struggling to raise money through a remortgage or where a loan is simply a better solution. Many of these brokers have previously not offered loans so it seems the awareness and understanding of secured loans is increasing.
“Blemain is an important lender so our enhanced commissions should make secured loans even more attractive.”
