Specialist Mortgage Group (SMG) has started the roll out its free Lenderlink sourcing tool.
Users of the system can source and select from hundreds of specialist mortgages from 38 lenders across first and second charge, bridging and buy-to-let mortgages.
Users can then submit applications direct to the lender via API or refer it to their account manager at SMG to package the case for them and share the income.
The Cardiff-based business said Lenderlink will soon be rolled out to all 30,000 mortgage brokers in the UK free of charge. However, SMG is working on a staged approach, starting with its 275 current test users who have been helping test the system in a live environment since February this year. That will be followed by more than 500 mortgage brokers who have pre-registered to use the system and are known to SMG as specialist finance introducers.
So far over 14,000 specialist mortgage applications have been submitted to lenders through Lenderlink during the test period.
Matt Cottle (pictured), SMG’s CEO, said: “For a long time, I’ve been dreaming of a way to offer all mainstream mortgage brokers a simple way to access to a full suite of specialist mortgages in one portal free of charge.
“Lenderlink does exactly that and offers the broker complete control over the packaging process; if they have a live agency with the lender of choice, they can package it and submit it to the lender. If they don’t, they can refer it us for full packaging and share the revenue. Its struck a chord with many brokers and we’ve been driven by the interest in the product.
“This is going to help many brokers create a new revenue stream and hundreds of millions of pounds of specialist mortgage funds will find their way to new clients.”
Alistair Ewing, director at the Lending Channel, has been running Lenderlink Beta since February. He said: “The whole team love the look and feel of Lenderlink. It does exactly what we hoped it would do, but that’s not surprising really, considering it was developed by a packager for other packagers.”