To date the system, which calculates the cost of leaving their existing mortgage in place and ‘topping-up’ with a second charge loan, or remortgaging, has generated over 30,000 loan quotes worth £1.5bn.
Y3S director said: “The site almost didn’t happen due to funding restrictions at the time, so we are absolutely delighted to have reached yet another milestone in miLoan’s development,
“We set out to build something different that would disrupt the market but had no idea that it would become such a useful tool for so many brokers, who ultimately use it to provide better customer outcomes and a new income stream for themselves.
“Second charge regulation is in full swing and brokers need solutions – miLoan provides the answers swiftly to over 700 brokers who log in to use it each month.
“It still amazes me that our team of young people developed this website that has created millions of pounds of revenue, but even more importantly they’ve created something that solves a growing daily problem for mortgage brokers who now find themselves unexpectedly operating in a regulated second charge world.”