The calculator, located on miloanbroker.com, uses real-time mortgage data to match the cheapest remortgage options over a five year period taking into account introductory and reversion rates and payments as well as fees.
Matt Cottle, director of Y3S, said: “We are extremely excited to offer our 5300 users the remortgage comparison tool in miLoan. With so many people benefiting from low standard variable rates and interest-only mortgages secured loans have become an extremely cost effective alternative for those who wish to leave their current facility untouched.
“By establishing which is the cheapest option a client could save tens or even hundreds of thousands of pounds over the medium term.”
To help brokers comply with their TCF requirements a product suitability report can be created with one click and printed off in a Word document for editing or as a pdf file.
Reports are personalised for the client and ready to hand over or email directly to them.
Cottle added: “Brokers want to do more secured loan business because they know it makes financial sense for their clients but they need access to good quality tools in order to justify not carrying out a remortgage which would always be their first option.”
