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Frequently Asked Questions

Q. Why is a credit search needed?

A. All lenders require a credit search to be carried out to support the loan application and invariably the information provided by the borrower is incorrect to a greater or lesser degree. This can have the effect of not only altering the offer available, but making a difference between being able to offer a loan or there being no product available at all. Where lender technology permits, Loan Brain integrates with the lender's credit search and decisioning engine, enabling Promise brokers to get an instant, accurate result from the lender, immediately at the point of sale.

Q. How does the credit search work?

A. Loan Brain enables Promise brokers to source loans from a whole of market panel, based entirely on the information provided by the borrowers. Once potential qualifying lenders have been identified, Loan Brain allows brokers to obtain a firmer decision by instantly accessing the lender's credit search and credit score. This is done by clicking one button and no re-keying is required. Following the lender's credit search, product results are adjusted dependent upon the search result, providing brokers with the fastest and most accurate loan decisions available.

Q. What up front costs are involved in a secured loan

A. Generally all the costs involved in arranging a second charge can be added to the loan and deducted on completion. However borrowers must be given the option to pay the fees separately from their own resources thus avoiding being charged interest on the fees over the term of the loan.

Q. What are lender fees?

A. In certain circumstances lenders may charge a legal & documentation fee in addition to any brokerage fee. This fee is normally paid by the borrower upon completion of their loan and is shown on the product page within the system and on the mortgage illustration.

Q. What can I do if there are no available products?

A. Call an underwriter on 01902 585052. It may be that there are simply no products available to match your client's circumstances. However, there may be a product available which is very close to that requested. For example a client may not qualify for a £20,000 loan but may qualify for a £19,000 loan. Similarly, due to their age, they may not qualify for a loan over 20 years but they may qualify for a loan over 15 years. For further help refer to the hints and tips in the underwriting guide.

Q. What are the early redemption costs?

A. These will vary by lender and by product. They will be clearly shown on the mortgage illustration.

Q. Will you offer my client any other products?

A. No. Not unless you ask us to.

Q. Do I need to package my client's application?

A. Promise offers both packaging and referral options. If you are an appointed representative your network may dictate which option is available for you. DA brokers can generally choose which suits them best. Irrespective of who is giving the advice, Once the application has been received and accepted, Promise can deal with all of the packaging requirements on your behalf if you wish. If you want more involvement, that’s fine too.

Q. How is my commission calculated?

A. This varies dependent on the service you choose and the arrangement we have with various partners. Please speak to your underwriter and they can give you exact examples.

Q. How do I monitor the progress of my clients application?

A. It couldn't be simpler – you have access to live online case tracking 24 hours per day-meaning you are in control & can see the progress on your individual cases. We also send you regular email to keep you up to date.

Q. Can I get help to develop secured loans within my business?

A. Our success is measured by the success we create for you. The more income we generate the more commission you (and we) receive. It's a win-win situation. Therefore we will help you in whatever way we can. Whether you want help with Compliance, Marketing, Strategy, Process or some other aspect of your business - call 01902 585052.

Q. How soon will my client receive their cheque?

A. From receipt of a customer's application, at which point we issue the credit agreement and supporting application details, the time to completion is dependant very much on the amount of information required from third parties. Typical times for a secured loan are 2 - 4 weeks.

Q. What lenders do you use?

A. Click here for a list of our lenders.

Q. Which charity do you support?

A. In 2001 Director Steve Walker set a charity to help terminally and seriously ill children and their families in the UK. The charity, called Promise Dreams, has helped hundreds of children and, with our support, raised over 2.5 million pounds. Click here for more details.

Q. Can I still sell my own insurance products?

A. Of course. We do not sell any insurance, pension or investment products, as intermediaries provide much of our business and they sell their own products.

Q. Is there any involvement required on my part?

A. If you wish, you can simply provide us with your client's name and contact details, we'll do everything else, and you can be assured that we will take care of the entire process. You can monitor everything using case tracking. Alternatively, using Loan Brain, you can choose to handle all aspects of the sale and, if you wish, visit your clients to obtain the application form and supporting information. If you wish to help us obtain further information, whilst processing the application, this is also possible provided that consideration periods are not breached.

Q. How do I know what's going on with my cases?

A. The first place to look for updates on all of your cases is on our online case tracking which allows you to look at each category of enquiry separately, i.e. unsubmitted enquiries, submitted enquiries, cases, etc. You will also have access to our BDMs who can help you with new enquiries and the Processing Team who can discuss individual client applications which are being processed. We also send you regular email updates.

Q. How will I receive my commission?

A. We can pay you by cheque or by BACS. For brokers dealing direct with Promise, commission payments are made immediately following receipt of commissions and fees from the relevant lender.

Q. How will you treat our customers?

A. One of our key aims is to help find every customer a solution for their financial needs. This is always done with the customer's best interest in mind and we believe strongly in “Treating the Customer Fairly”.