MiLoanbroker.com, the free secured loans sourcing system from Y3S Loans, has registered over 6,000 broker users.
The system helps mortgage brokers to quickly calculate the cost of leaving their existing mortgage in place and ‘topping-up’ with a second charge loan, or remortgaging.
Its brokers have collectively generated £1.5bn in loan quotes and have earned over £1m of commission for their introductions.
The firm added that over 30,000 loan quotes have been created by the users of the website since inception.
Matt Cottle (pictured), director at Y3S Loans, said: “The site almost didn’t happen due to funding restrictions at the time, so we are absolutely delighted to have reached yet another milestone in miLoan’s development. We set out to build something different that would disrupt the market but had no idea that it would become such a useful tool for so many brokers, who ultimately use it to provide better customer outcomes and a new income stream for themselves.
“Second charge regulation is in full swing and brokers need solutions – miLoan provides the answers swiftly to over 700 brokers who log in to use it each month.
“It still amazes me that our team of young people developed this website that has created millions of pounds of revenue, but even more importantly they’ve created something that solves a growing daily problem for mortgage brokers who now find themselves unexpectedly operating in a regulated second charge world.”