Y3S has reported that it has completed 500 loans via its sourcing system miloanbroker.com.

Nearly 6,000 brokers have signed up to use the website since its launch. The second charge loan brokerage removed the need to register to use the system last summer, driving additional interest from ‘one-off’ users that prefer to generate quotes anonymously.

Barney Drake, operations director at Y3S, said: “miLoan has won the support of many brokers because it helps them to make sound financial decisions for their clients circumstances by comparing the cost of a secured loan top-up versus a full remortgage without first requiring a client’s personal details.

“In today’s regulated world, this unique approach crosses the remortgage/secured loan divide making it the go-to sourcing system for mortgage brokers and IFAs.”

“Our users have generated 25,000 quotes with a total value of £1.2bn, demonstrating miLoan’s premier use as a reference point rather than just an income generator for Y3S” said fellow director Matt Cottle, who designed the system.

“Empowering mortgage brokers with instant information has always been the aim of the miLoan project. We build trust first, and the end result speaks for itself – 2000 applications have turned into £24m of completed loans paying our brokers £700,000, far beyond any other sourcing system in the same period.”