From March 1, introducers will earn an extra £350 on a normal £35,000 loan with Blemain.
Steve Walker, managing director at Promise, says: “Across our whole secured loan panel we already pay introducers an average of £1,200 on each completion, which is market leading.
Walker adds: “Mortgage brokers should really keep an eye on the secured loan market, as it is innovating quickly at the moment. The commission income is very substantial, the work for the introducer is minimal and the products are improving all the time with rates now as low as 7.9%.
“We have seen a significant upturn in enquiries from new brokers struggling to raise money through a remortgage or where a loan is simply a better solution. Many of these brokers have previously not offered loans so it seems the awareness and understanding of secured loans is increasing.”