Brokers still missing out on alternative revenue streams

Y3S has expressed concern that many mortgage brokers are missing out on lucrative earning opportunities by not offering specialist finance products to its clients where a remortgage doesn’t make sense.

The Cardiff-based finance broker says that secured loans, bridging loans and debt management solutions are sometimes best-fit products for their clients, but too often brokers lose out on valuable income by not always knowing when an opportunity presents itself because of a lack of specialist product knowledge.

Following a user poll of its online product portal miloanbroker.com at the end of 2011, it was revealed that on average, users came across a potential 14 clients per year where a secured loan would be a better solution than a remortgage. The company says that it is in position to take its message ’to the offices of every mortgage broker in the UK’ from next week.

“Over the last 10 years we have completed business for thousands of mortgage brokers and IFAs from all corners of the country,” said Matt Cottle, Y3S’s commercial director.

“With news that the mainstream mortgage industry is likely to remain flat for some time to come, we are deploying staff to help more brokers recognise secured loans, bridging loans and debt management solutions. We will supply high quality materials, training tools and software free of charge to help brokers generate new income streams from their existing client bases.”

Almost 3,200 mortgage brokers have registered to use Y3S’s miLoan platform since its launch in July 2011.