The addition provides Connects members with access to second charge buy-to-let products as well as the ability to generate instant offers on their buy-to-let enquiries, without affecting their client’s credit file via The Loans Engine sourcing system.
Liz Syms, managing director at Connect Mortgage Club, said: “We have been using Loans Engine internally for some time and have found both their system and their service to be excellent.
“We are pleased to be able to launch this offering to our Network members to help them extend the range of products they are able to offer their clients with the comfort of knowing they are transacting the loans in a compliant way under the authorisations provided by the Network’’
Steve Harness, commercial director at The Loans Engine, added: “Over the past year, the dynamics of Buy-to-Let lending has changed and in a bid to fill any gaps left by the mainstream lenders, the secured loans market has developed and streamlined a series of competitive products aimed at landlords and property investors.
“Securing a second charge loan on a rental property is an effective means of raising funds for a variety of reasons. It will allow landlords to make renovations to their property, adding significant value, or help raise the capital needed to place a deposit on another buy-to-let property and expand their portfolio.
“What’s more no personal income proof is required, as affordability can be calculated against rental income only and a secured loan will allow borrowers to raise money on their portfolio without disturbing their current mortgage arrangements.
““This partnership marks a significant step forward in our plans to expand in the current market and we look forward to working with Connect Mortgage Club and providing its members with more opportunities to provide solutions to their clients.”