Mortgage Next ventures into secured loans market

Tuesday, 08 Jan 2008

Mortgage Next has launched a secured loans service in conjunction with parent company, Freedom Finance.

Brokers using Freedom Finance’s recently launched ‘Freedom of Choice’ online system can choose from a wide range of secured loan product providers and will be presented with a decision in principle, monthly repayments and other important information which enables them to assess if a secured loans is more appropriate than a remortgage.

Brokers can track the progress of cases online or via an automated email system and they can indicate if they want Freedom Finance to arrange payment protection cover.

Alternatively, intermediaries can submit basic details about their client to Freedom Finance who will then contact the customer, source a loan and associated insurance product and manage the application through to completion.

Gemma Harle, managing director of Mortgage Next, said: "TCF means brokers need to consider if a secured loans may be a more suitable product for their client than a remortgage. In certain circumstances, such as borrowers being locked into existing mortgage deals by hefty redemption penalties, a secured loans may be a better option.

“The Freedom of Choice system makes sourcing and placing secured loan very easy for any broker, even if they are unfamiliar with secured loans products and application procedures.

"This service is available to both AR’s of the Mortgage Next Network and directly authorised brokers placing business via Mortgage Next Partners. I thoroughly recommend brokers to give it a go.”

Source: http://www.mortgageintroducer.com/