V Loans partners with IRESS for second charge sourcing

The online platform will allow brokers to compare remortgage products alongside second charge products in both the residential and buy-to-let markets. Mortgage advisers will also have the option to source specifically for second charge products.

XPlan will provide brokers with access to a range of lending products from across the second charge market through V Loans, and a small selection of Master Brokers chosen to work with IRESS.

V Loans will offer second charge advice and arranging services for those brokers who wish to outsource second charge advice, as well as offering more comprehensive sourcing and packaging services for independent mortgage brokers.  

Key features include transparency of fees and the ability to produce sourcing comparison reports which the broker can use as evidence and the functionality to produce an ESIS for second charge products.

Other specific functions include the ability to produce a suitability letter for a second charge product if recommended and the option of supporting panels of second charge lenders, especially where some networks will only wish to see certain lenders/master brokers products.

Marie Grundy, managing director of V Loans, said: “We are excited to be partnering with Iress to make second charge mortgages more visible to brokers. Displaying second charge products alongside traditional remortgage products truly puts seconds on a level playing field. We believe this will considerably drive consideration of seconds amongst traditional mortgage advisers and allow them to make informed decisions to get the best outcome for customers who are looking to raise capital.”