Directly Authorised Brokers – You have more options
The power is in your hands
There are pros and cons to just about everything in life. You attend the British Specialist Lending Awards for example. Pros? You have a fantastic night conversing with the industry’s finest. Cons? You realise there is still a working day left in the week, and it’s before a bank holiday so it’s going to be a busy one, and your head just wants to be somewhere quiet. You get the picture.
And the same can be said for joining a network. We hear a lot about what networks are doing for their ARs. But, as with anything, there is a downside. If you’re an AR the fact is the network calls the shots. By the very nature of the set up, that’s how it works. And thus, if you’re directly authorised you do have a certain freedom when it comes to how you approach each product and, in this case, how you approach seconds.
Indeed, the biggest benefit of being a DA is that you have ultimate control of your business. And as a result of that we do find that many DAs are particularly open minded about the industry. Because they have no restrictions on them they are more willing to embrace change and while many brokers still haven’t quite grasped seconds if you sit down with a DA broker and explain the product to him you can usually almost see that light bulb moment occur.
My point is simply this. DA brokers, you have a choice. You can decide whether you want to include second charges in your proposition fully and how you want to offer them. You can build relationships with the master brokers, packagers and lenders you choose to. So, to those of you who have yet to get involved, why not?
Offering second charges can help to enhance your offering, bring you customers who might otherwise have gone straight to a comparison site and who could end up being more suited to a remortgage than a second anyway. It can increase your protection business because you’re seeing customers who you may not have had anything to offer in the past. And it can ensure you don’t lose any clients to competitors who may have a more diverse offering than you.
If you have no one dictating whether you should offer seconds and how you should do it, what’s stopping you?
01902 585052
Promise Money is a broker not a lender. Therefore we offer lenders representing the whole of market for mortgages, secured loans, bridging finance, commercial mortgages and development finance. These loans are secured on property and subject to the borrowers status.
More than 50% of borrowers receive offers better than our representative examples
The %APR rate you will be offered is dependent on your personal circumstances.
Mortgages and Remortgages
Representative example
Borrow £270,000 over 300 months at 7.1% APRC representative at a fixed rate of 4.79% for 60 months at £1,539.39 per month and thereafter 240 instalments of £2050.55 at 8.49% or the lender’s current variable rate at the time. The total charge for credit is £317,807.66 which includes £2,500 advice / processing fees and £125 application fee. Total repayable £587,807.66
Secured / Second Charge Loans
Representative example
Borrow £62,000 over 180 months at 9.9% APRC representative at a fixed rate of 7.85% for 60 months at £622.09 per month and thereafter 120 instalments of £667.54 at 9.49% or the lender’s current variable rate at the time. The total charge for credit is £55,730.20 which includes £2,660 advice / processing fees and £125 application fee. Total repayable £117,730.20
Unsecured Loans
Representative example
Annual Interest Rate (fixed) is 49.7% p.a. with a Representative 49.7% APR, based on borrowing £5,000 and repaying this over 36 monthly repayments. Monthly repayment is £243.57 with a total amount repayable of £8,768.52 which includes the total interest repayable of £3,768.52.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME
REPAYING YOUR DEBTS OVER A LONGER PERIOD CAN REDUCE YOUR PAYMENTS BUT COULD INCREASE THE TOTAL INTEREST YOU PAY. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Promise Money is a trading style of Promise Solutions Ltd – Company number 04822774Promise Solutions, Fullard House, Neachells Lane, Wolverhampton, WV11 3QG
Authorised and regulated by the Financial Conduct Authority – Number 681423The Financial Conduct Authority does not regulate some forms of commercial / buy-to-let mortgages
Website www.promisemoney.co.uk