Promise Money will now pass on all lender’s commission to the introducer broker.
Geraldine Kilkelly, head of research and chief economist at the Finance & Leasing Association (FLA), said: “The relatively slow recovery in second charge mortgage new business volumes reflects the gradual reopening of the economy and continued household caution.”
The product allows customers to access funds using their spare pension income.
Norton Home Loans collaborated with Freedom Finance to launch the process for secured loans.
However, the FLA said: “The market, however, remains in a strong position to meet new demand and forbearance requests during the months ahead.”
Within a week, Nucleus will start accepting applications from brokers via its myNucleus portal.
RealCheck, designed by RealRates.com, uses bank data to help consumers understand what they can afford to borrow, and access accurate loan rates.
Loans Warehouse has chosen challenger credit reference agency Credit Kudos as its Open Banking provider.
The inaugural meeting, hosted by Nivo’s chief development officer Mat Elliott, took place via Zoom with industry leaders from lenders including United Trust Bank, Together, Optimum Credit, Paragon, Norton Finance, Shawbrook Bank, Central Trust, Equifinance, Step One Finance, 1st Stop Home Loans and Selina Finance.
Figures published by HM Treasury have revealed that £3.3bn has been approved to 83,000 businesses in the past week alone.