Brokers are being urged to make more use of secured loans as a borrowing option for their clients by Promise Finance.Steve Walker, managing director of Promise, spoke of the secured lending opportunities available at a seminar during the Mortgage Business Expo last week. Walker says: “Anyone licensed by the Office of Fair Trading should consider becoming an introducer, particularly if they have a substantial contacts list and maintain regular customer contact.” He believes brokers could make more use of secured loans and open up more products to their client. Walker adds: “There can be as little or as much work and involvement on the part of the introducer as they choose. “And they could also earn an average of 1,000 per loan completion.” Promise suggests secured loans may be a good option for some clients and should be considered more often. A secured loan could be offered to people who have County Court judgements or are bankrupt. And the loans can be given within a few days. Advisers who consider becoming introducers should make sure they are appropriately licensed by the OFT and decide how much involvement they want to have in the process. Walker says: “I recommend dealing with brokers rather than lenders as it is easier. An introducer just needs the basic information and then can pass the case to the broker who will initiate contact with the client and follow up.” Walker says potential introducers should research brokers before committing to them. All aspects of compliance and complaints systems should be looked into and introducers should make sure their brand will be protected by the insurance broker.
Bright Grey has kicked off a campaign to help advisers grow the protection market by raising consumer awareness and tackling the issue of perceived cost barriers.Bright Greys Helping Hand magazine has been designed to show consumers the real value of protection and to help advisers increase their protection client base.The magazine features a case study […]
Cheval, the Stanmore based bridging finance lender, reports great interest from brokers in its website and rebranding, which were unveiled at the Mortgage Business Expo last week.Cheval, which has rebranded with an underlying message stress free bridging, has redesigned its website in response to market research among brokers. The site now features easy to use […]
From Andrew Brownlie
The Yellow Pages phone directory now includes a classification for equity release. The classification was introduced in August and will be rolled out throughout the year. The introduction of an equity release classification, also included in online version Yell.com and phone line 118 247, highlights an increase in demand for the sector. Jon Salmon, spokesman […]
Jennifer Gilchrist Proposition Lead – Design, Royal London When someone mentions whole of life plans, most people will think of a niche product that serves as an inheritance tax planning tool for high-net-worth clients. And it’s really not surprising they’ve been pigeonholed in that way because before the arrival of RDR in 2013, that’s more […]
News and expert analysis straight to your inboxSign up