The scheme, which includes a variety of prizes, including an iPad Mini and bottles of Champagne, rewards brokers for various accomplishments, such as completing a secured loan within 30 days or being the month’s top loan introducer.
Natasha Lord, head of commercial at The Lending Wizard, said: “When searching for additional finance for clients, the re-mortgage tends to be the most common option chosen by advisers.
“It goes without saying that most advisers are more familiar with the further advance route than they are with secured loans.
“However, for those clients that benefit from a preferential mortgage product, such as a low life time tracker or interest only deal, more advisers are turning to second charge secured loans as an attractive alternative”
Last year’s winner, Wendy Ong, broker at Total Mortgage Network said: “I hope these prizes serve as a reminder to other brokers that a re-mortgage isn’t the only option out there for clients and that a lot of people can really benefit from some of the other tools out there.
“Particularly when those other options don’t force them to sacrifice the great mortgage deal they’re probably enjoying in today’s market.”
Lord added: “As the lending market continues to strengthen in 2014, we wanted to introduce incentives to reward brokers for expanding their product offering whilst encouraging them to consider secured loans as an alternative to re-mortgaging where suitable.
“We believe the variety of rewards adds a friendly, competitive edge to the process of sourcing and securing loans.”