Evolution Money sees surge in smaller brokerage referrals in March
20 April 2021
Evolution Money, the second-charge lending specialist, has today (20th April 2021) announced March 2021 as a record month for the business in terms of new introducers and has seen a significant uptake from smaller brokerages submitting cases for the first time.
During the month, the lender took client leads from 36 separate introducers with a number of firms funding first cases, first packaged cases and first ‘Hotkey’ cases, which allow Evolution’s team to take the lead through to completion on the adviser’s behalf.
Evolution said it has seen a growing number of smaller brokerages outlining second-charge mortgage options to their clients and utilising either specialist packagers and distributors to carry out the case or passing the client details to Evolution itself.
One brokerage, Mortgageable, completed its first funded second-charge mortgage case with Evolution Money - a complex case that funded in three working days – and went on to fund several further cases during March.
Scott Webster, Head of Specialist Lending at Mortgageable, said:
“We have had a fantastic start to our journey with Evolution Money, finding that they suit both our needs for customers with niche requirements we couldn’t previously place, and our customers have discovered they have a lender that understands not all situations are black and white, and who uses a common-sense lending approach with manual decisions. Their products are straightforward, their turnaround times are quick, and their case managers are knowledgeable and easy to contact. We have found that we have a home in Evolution Money for customers with adverse credit and negative equity, customers with declined consent and without the need for a full valuation. This has helped to generate great momentum and we’re excited to see what the future holds for our partnership.”
Evolution Money recently launches a quarterly tracker of its data which looks at potential borrower types and the potential uses for the second-charge mortgage.
It covered both debt consolidation borrowers and prime borrowers, and recent cases submitted and completed by the lender have seen the money utilised to pay off a variety of debts including loan/mortgage providers/retail finance/car finance, plus used to pay for home improvements.
Evolution Money, recently launched a new product range to widen the options for borrowers who have been severely financially impacted by lockdown measures. The new range offers advisers wider scope to serve clients who have missed mortgage payments, seen a change in employment status or have had their credit score adversely impacted since their pre-COVID mortgage application.
Kerri Pender, Operations Director at Evolution Money, commented:
“Recent data from Knowledge Bank show that, within the top five second-charge criteria searches, capital raising for debt consolidation, home improvements and buy-to-let all figure highly. With borrowers looking to utilise their homes to fund this, while not wishing or able, to remortgage their first-charge, it makes perfect sense for advisers to be looking at the second-charge options available for their clients.
“We’ve certainly seen an uptick in activity and interest in recent months, and March in particular, was a busy month specifically from smaller brokerages who might not have used as before. April has continued where March left off, and given we have options for both prime borrowers and those with adverse credit, we’re anticipating that 2021 will continue in the same vein. Advisers who want to use a specialist in this sector should certainly find plenty of appetite to lend - we undoubtedly count ourselves amongst the group and want to grow both new and existing relationships with our broker partners.”
Evolution’s full range of products plus details on all its criteria can be found by visiting: www.evolutionmoney.co.uk
