Y3S offers ARs an olive branch

Published on

Y3S Loans has claimed that the majority of mortgage network Appointed Representatives (ARs) are confused about their choices when it comes to introducing second charge loans enquiries to third parties for processing. 

The Cardiff-based specialist packager is offering a bespoke PI policy underwritten by one of the UK’s largest insurers, specifically covering the advice that Y3S and Chaseblue Loans gives to the clients of ARs.

“It’s a political hot potato at the moment, a complete grey area,” said Y3S’s Matt Cottle (pictured).

“We’ve brokered thousands of secured loans for the clients of ARs and we speak to hundreds of these guys every month so we get a very real and rounded view of what’s going on. With the advent of MCD almost upon us, ARs are confused about what’s wrong and what’s right. Many believe that they must use their network or nobody at all, but in fact the reality is quite different; most mortgage networks are stacked with other priorities and happy for their ARs to find their own solution.”

Joint CEO Barney Drake added: “Some mortgage networks do specify that ARs must use a named packager in order to receive their kickbacks, but we speak to ARs every day that are unwilling to change long-standing relationships with loan packagers, no matter what is dictated to them.

“Those ARs that speak out are being given the green light by their network to go their own way despite the contractual obligations imposed upon them. Our PI covers provides a safe haven to every appointed representative in the UK. They don’t need the extra hassle of wondering if they are doing the right thing by their client, we’ve taken care of it for them.”

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

1 COMMENT

  1. your PI may cover the advice related to the loan but not the recommendation of a secured loan over other products in the market – which is the responsibility of the AR and the network as the fact find has been completed in the first instance by them. Networks have processes for this to ensure they are compliant and the customer journey is transparent- this is surely an attempt to steal AR business where you can Matt rather than win the business through business ethics

Comments are closed.

Latest articles

LendInvest posts record £1.44bn lending year

LendInvest recorded its strongest ever year for lending in the 12 months to 31...

Fleet Mortgages broadens buy-to-let criteria for foreign nationals and limited companies

Fleet Mortgages has widened its lending criteria for buy-to-let borrowers, introducing greater flexibility for...

Six-times salary lending quadruples as lenders loosen affordability

The number of mortgage lenders willing to offer loans worth six times a borrower's...

Buy-to-let lending remains ahead of last year despite slower start to year

Buy-to-let lending increased in the first quarter of 2026 compared with a year earlier,...

Market Harborough reveals £120m Gen H mortgage portfolio acquisition

Market Harborough Building Society has acquired a £120m residential mortgage portfolio from Gen H...

Latest publication

Other news

LendInvest posts record £1.44bn lending year

LendInvest recorded its strongest ever year for lending in the 12 months to 31...

Fleet Mortgages broadens buy-to-let criteria for foreign nationals and limited companies

Fleet Mortgages has widened its lending criteria for buy-to-let borrowers, introducing greater flexibility for...

Six-times salary lending quadruples as lenders loosen affordability

The number of mortgage lenders willing to offer loans worth six times a borrower's...