Y3S’s secured loan sourcing system miloanbroker.com is now offering an integrated module to instantly compare the cost of a secured loan with a remortgage and display the savings on one screen.
The firm says its software will help brokers to easily identify whether it’s cheaper for their clients to keep their existing mortgage and raise a secured loan, or carry out a complete remortgage. By applying the same data entered into miLoan to collect new secured loan quotes, miLoan uses real-time mortgage data to match the cheapest remortgage options over a five-year period.
The system takes into account introductory and reverting rates and payments as well as fees, and presents the results in a format that’s simple to relay back to their client, Y3S said.
In addition, in order 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 will personalised for their client and ready to hand over or email directly to them.
Over 50% of UK mortgage brokers have signed up to miLoanbroker.com creating 15,000 quotes totalling almost £1bn for Y3S. The brokerage has paid more than £1m back to its registered brokers in commission payments.
Y3S director Matt Cottle (pictured) 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 the cheaper option is, a client could save tens or even hundreds of thousands of pounds over the medium term.
“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,” he added, “having spent months developing this tool, we believe that there is no better way for brokers to take advantage of the earning potential that the second charge market offers to them.”