When analysing its own business over the past six months, SML's data shows that over 67% of its DIPs for secured loans were approved nationwide, including Scotland.
SML said the evidence demonstrates that the secured loan route offers a greater chance of success for clients looking to raise capital than a remortgage.
Paul Crewe, director at Smart Money Loans, said: "It is pretty clear from our experience that, properly presented, a secured loan is more likely to be agreed than a remortgage in today’s market.
“This is yet more evidence that brokers need to consider the secured loan route with as much diligence as they do for a remortgage.
“Apart from the obvious reasons where a remortgage would be inappropriate because of long standing interest only first charge or because the remortgage would be more expensive or lead to a higher overall interest rate, secured loans are fast, cheap and cost the client nothing upfront as far as charges are concerned."
Crewe added: "Our decision in principle ratio clearly demonstrates that at a very early stage in the process, clients are going to be able to rely on much more certainty in opting for a secured loan rather than a remortgage.
“With a DIP to completion time of roughly 21 days and average earnings for the broker of c. £1245, I have to ask why would they still default their clients to the remortgage route?"
