Master broker Promise Solutions is to launch a new comparison system this week that promises brokers the ability to receive secured loan quotes from 20 lenders in under a minute.
LoanBrain.co.uk will also allow them to print an illustration of the search for their compliance files in order to demonstrate they have properly considered a secured loan.
Quotes are available without logging on and LoanBrain.co.uk is available free to all brokers in the UK whether directly authorised (DAs) or appointed representatives (ARs). Once networks take on principal status for secured loans, appointed representatives should go via their network to access LoanBrain.co.uk.
Steve Walker, managing director of Promise Solutions, said: “With secured loans now regulated by the Financial Conduct Authority mortgage brokers should also consider secured loans when assessing a client’s needs and, furthermore, to be able to evidence that they have done so. LoanBrain.co.uk allows brokers to do this in a way that is easier, faster and more accurate than ever before.
“With 20 lenders it is the only system to properly represent the whole market. If a remortgage is indeed the best option brokers can use this tool to quickly and, more importantly, compliantly rule out secured loans. However, if a loan is more suitable, with a few clicks they can still source the best loan for their client and refer or sell the loan as preferred.”
Walker claims LoanBrain.co.uk provides a greater degree of accuracy than has previously been available in the market and a number of new filters have been included to help brokers select product variations including the ability to over pay without penalty, no ERCs, fixed or tracker rates.
He added: “LoanBrain.co.uk provides brokers with the compliance tool they need now that secured loans and mortgages are seen as part of the same advice process and it also links directly into the professional version or the sourcing platform which Promise has provided free to introducers for many years.”
