Mortgage Times launches secured loans division
The service comes with no upfront fees and cases with CCJs, mortgage arrears and defaults may also be accepted. It explained that due to the wide range of providers on the panel the group can offer self-certification to 100 per cent LTV as well as up to 125 per cent LTV on full status applications.
The group now offers a range of variable, fixed and deferred rates via its panel of 12 secured loans providers.
Payam Azadi, head of marketing at The Mortgage Times Group, commented: “Secured loans is a sector that has been growing for some time. Our intention has always been to be involved in this market but we have been waiting until we have a competitive offering, which I believe this is.”
“We are paying some of the best procuration fees in the market with the added value of providing a wide panel of lenders. There are people who believe that the secured loans market is becoming crowded but we believe there is still room for growth in this sector and are looking forward to duplicating our very successful mortgage module with secured loans,” Azadi added.
But John Stewart, director of PMI Independent Financial Advisers, said the secured loans market does not hold much reward for mortgage brokers. He said: “We try and avoid secured loans. You’ll find the enquiries you get have already gone to the high street. The quality clients get snapped up by the top lenders like Halifax. There might be some business in it for the non-conforming market where clients cannot prove their income but we find it’s a lot of effort for little return.”