Phoenix adds second-charge loans to sourcing system
The move will enable brokers to source secured loans from Money Partners, Blemain and Swift. The non-conforming system has a user base of over 300 intermediaries and a number of national packagers. It is launching the ‘Place Me’ software to brokers at the Mortgage Business Expo to be held at Earls Court 2, London in November with the offer of a 14-day free trial.
Ernie Reeves, director of Phoenix, said: “I’m just surprised that brokers have not been offered this kind of functionality before. When we developed ‘Place Me’ the aim was to fill a real need for an accurate sourcing system which brokers could rely on to provide them with accurate client choices. Adding secured loans to ‘Place Me’ is just another logical step.
Intermediaries need to be able to look at the options for second-charge facilities just as they do with first-charge lending. This is an area which will grow as secured loans feature more heavily in brokers’ overall advice.”
Adam Henry, sales and marketing director at specialist lender Money Partners, said: “This is a terrific initiative from Phoenix. At Money Partners we are recording growing volumes of second-charge business. Perhaps more importantly, we are also seeing increased awareness and appreciation of second-charge products among intermediaries who have previously not been active in the sector.
“ As a leading provider of secured loans, you can be sure Money Partners will be tapping into this new level of interest – a task that will be made easier following Phoenix’s far-sighted enhancement to its model.”