LoanBrain, which allows brokers to print illustrations of their searches to include in compliance information, providers quotes without logging on and is available free to all brokers in the UK whether directly authorised or appointed representatives.
Steve Walker, managing director of Promise Solutions, says:
“With secured loans now regulated by the Financial Conduct Authority mortgage brokers should also consider secured loans when assessing a client’s needs and, furthermore, to be able to evidence that they have done so. LoanBrain.co.uk allows brokers to do this in a way that is easier, faster and more accurate than ever before.
“With 20 lenders it is the only system to properly represent the whole market. If a remortgage is indeed the best option brokers can use this tool to quickly and, more importantly, compliantly rule out secured loans. However, if a loan is more suitable, with a few clicks they can still source the best loan for their client and refer or sell the loan as preferred.”
Walker says LoanBrain provides a greater degree of accuracy than has previously been available in the market and a number of new filters have been included to help brokers select product variations including the ability to over pay without penalty, no ERC’s, fixed or tracker rates.
He adds:
“LoanBrain.co.uk provides brokers with the compliance tool they need now that secured loans and mortgages are seen as part of the same advice process and it also links directly into the professional version or the sourcing platform which Promise has provided free to introducers for many years.”
