Y3S makes key appointment to new mortgage division

Financial services company Y3S has strengthened its team with a key appointment to head up its latest offering, Y3S Mortgages.

Y3S Mortgages has brought in John Pearson to head up the division, together with four qualified mortgage advisors. Pearson has a wealth of experience in the mortgage arena, previously working for Trustguard and Kensington Mortgages.

The new company, located in Y3S’s headquarters in Cardiff Bay, was launched in June as part of Y3S’s plans of becoming the UK’s leading provider of innovative financial services. Offering mortgages from the whole of the market, Y3S Mortgages is primarily directed at brokers who have opted out of giving mortgage advice but still receive enquiries from its clients requiring this service.

The service removes the compliance issues and paperwork involved in securing mortgages, yet still allows introducers to receive a similar commission to that which they would have received if they had arranged the mortgage themselves.

Mr Pearson, said: “I’m delighted to have joined Y3S to head up this new division. The service allows financial intermediaries, who don’t want the burden of arranging mortgages themselves, the ability to continue offering mortgages as part of their services. We pay these introducers a finder’s fee, similar to what they would have received had they arranged the mortgage themselves, and we handle all the paperwork and advice issues necessary to secure the mortgage. It really is a win-win situation for all.

“We have invested heavily in training, systems and recruitment to ensure that we have all the necessary ingredients to provide a first class service to our broker customers and help them take advantage of these new earning opportunities.”

The new company complements the Group’s existing businesses which include Y3S Loans, launched in 2001, and Y3S Life and Y3S Debt Rescue, both of which were formed in 2009 to take advantage of new and rising markets following the liquidity crisis which made lending, previously the core business, more difficult.

Commercial director Matt Cottle, said: “There is no doubt that there are signs of recovery in the marketplace and lending criteria is relaxing slightly. For years, the brokers we are dealing with on the other parts of the business have been asking us if we do mortgages and this demand has gotten greater over the last 12 months. We have launched Y3S Mortgages to respond to our customers needs and to satisfy this growing demand.

“A mortgage division was the missing link in our business and adding this to the mix means we can now offer the full spectrum of financial services and become the broker of choice for the UK's financial intermediaries. John has a wealth of experience in the industry and will undoubtedly be an asset as we look to grow our new offering.”

This latest expansion takes the Y3S Group to 70 members of staff, with a projected turnover of £4m for 2010.