Manor Mortgages has appointed Promise Solutions as its preferred provider of secured loans for its intermediary customers.
A bespoke portal has been designed so that Manor Mortgages’ intermediaries can register and easily conduct secure loan business with Promise Solutions’ panel of 20 secured loan lenders.
Dave Stephenson, managing director at Manor Mortgages, said: “Manor are experts at sourcing specialist first charge mortgages on behalf of intermediaries from a range of lenders but when it comes to the second charge market, we have decided to partner with an established player in that field.
“Traditionally there have been three main ways for intermediaries to raise extra money for their clients – Re-mortgages, Further Advances and Unsecured Loans. However there are many reasons why these three options may not be suitable. Intermediaries can now use The Manor secured loan portal to justify and build an audit trail as to what type of loan was recommended and the reasons a secured loan or other types of re-finance was chosen and the sales process can be adapted to suit individual intermediary requirements.”
Steve Walker, managing director of Promise Solutions, added: “With the recent publication by the FCA of their proposals to implement the EU mortgage credit directive and transfer regulation of second charges to its mortgage regime it follows that there will start to be greater alignment of secured loans to mortgage rules. However brokers should already be considering secured loans to demonstrate they are meeting their obligations under TCF and delivering suitable outcomes.
“We are delighted to provide Manor members with the cutting edge technology to source a secured loan quotation from 20 lenders within 60 seconds backed by a team of highly experienced underwriters and processers. In our opinion it is vital that intermediaries consider all options available to clients wishing to raise finance.”