Poll
Secured brokers to save £4.9m
A leading packager, which has recently launched a new tool, has disclosed to Loan Talk that £4.9 million could be saved by using a secured loan.
Y3S recently launched the new version of its broker tool miLoan and Matt Cottle, Director of Y3S, told Loan Talk that it has been very well received: “Brokers are using it heavily to get quotations and remortgage comparisons.”
Matt disclosed that there have been 203 secured loan applications this month, up to today, 30th October, via the miLoan tool, totalling £8,831,955 of loans. (See image below)
Ninety-nine of the applications, 49 per cent, indicate that a secured loan would be cheaper than remortgaging. This equates to a total saving, over five years, of £4,903,814.63.
Business at Y3S is going very well at present and it will generate more revenue this month than at any time since the crash. Matt Cottle, Director of Y3S, said: “We should complete well over £3 million.”
The new tool has opened up access to all, as registration is no longer required. Loan Talk asked Matt whether Y3S will be able to track all the online enquiries. Matt responded: “We can track quotes but we can’t tell who is actually creating them unless they’re signed in or they submit the app to us. Tracking who uses it is not as important as it getting people to use it. If people like the quotes they see they’ll eventually submit new business to us. Exposure of secured loans to everyone for everyone is what we are aiming for.”
FEARS
Y3S have said that 55 per cent of all UK mortgage intermediaries have signed up to use the tool, so Loan Talk quizzed Matt about whether he had any fears that by opening up the tool, without the need to register, intermediary registrations may not increase. Matt said: “I don’t have any fears, otherwise I wouldn’t have opened up miLoan. There are other owners of other sourcing tools who probably wouldn’t have done it, but let’s not miss the point: there is more than enough business for everyone, and if we can help the market grow for us, and other brokers, this can only be good news for the industry as a whole.
“I am not sure how many more brokers will sign up and I don’t really care either. Fifty-five per cent of the market signed up to miLoan in two years. That means we have not spent our time in vain. We’re creating something useful, we have disrupted the market. What I care about now is that brokers have access to the information they need for free whenever they want it.”
BROKERS
A key feature of the miLoan broker portal is that brokers will be provided with a product suitability letter which will be a key document, especially in the run up to regulation and after it has been implemented, for them to justify why they have opted for a secured loan, or indeed decided to not source it.
On the topic of many brokers are utilising the letter, Matt said: “Lots of them have been created, so I hope so. Thousands of brokers are out there using our system, creating quotes and remortgage comparisons which show clients on paper and email that a secured loan can work out a lot cheaper, so I think we are helping to create a bigger market for all brokers, and helping clients to save money, at least that’s the idea.
£1 BILLION QUOTES
Since the launch of the miLoan tool Y3S has hit £1 billion of quotations, but what are the firm’s predictions for future milestones?
Matt said: “For us, the secured loan market is growing exponentially again, due in part to our growth strategy and in part to miLoan. We’ve opened the system to all which hasn’t been done before so I have no idea what will come next in terms of milestones. Only time will tell, but I can’t see it going downhill.”
FUTURE
Opening up about the future and about Y3S’s growth plans, Matt added: “I think we’ll be fast approaching the volumes of the very biggest brokers before too long. We expect output from Y3S to double in the next 12 – 18 months. This is because the broker-to-broker market is awash with secured loan business, and we are still only really scratching the surface.
“Regulation will only increase business as more brokers will have to compare the cost of a secured loan with a remortgage... and they will discover what they’ve been missing out on. We created the remortgage comparison system for this reason, to try to make it as easy as possible for brokers to get into secured loans. We’re already seeing some very positive results.”
October’s secured loan applications:
By Jason McGee-Abe
I well omega replica watches removed them, in I below. Those companions call fake rolex watches sounded like a bird chirp. Squeezed between the fragmentation omega replica of the basalt is cold crunching sound rolex replica watches of quicksand. Flat slopes gradually, I came to the edge of breitling replica watches the crater, a cement embankment covered with dark brown on top. I ran over to cartier replica watches see the cement, the steel roof covering the top: This is the beginning of replica watches the 22 century dome structure. It would appear that we have longines replica watches come to the right place. From my u boat replica watches current position.