Mortgage Promotions is a mortgage club under MCOB. Most of their registered users and directly authorised, but AR’s of Networks can use their product if the Network allows their members to use any mortgage club, any lender any packager, any exclusive product provider. Normally there needs to be an agreement in place between the mortgage club and the Network as their now is between Mortgage Promotions and enable.
Commenting on the new service Nick Baxter (Mortgage Promotions Director) said, “It is refreshing that there is a network who is forward thinking enough to ensure that their members have access to the best lending products and procuration fees all the time. Sadly most networks only allow their members to use their own products. This could be bad for the customer, if the right lender for the client is not on the panel. It could also be bad for the firm as they won’t have access to the best procuration fees by shopping around for the best deal for them once they have found the best deal for their client. Our relationship with enable now means that their members can do the right thing for the client and then, if we can get them the best procuration fee they can submit the mortgage application directly to the lender via our arrangement with the lender.”
When asked if he saw more deals like this happening Nick Baxter commented, “No sadly, too many Networks are control freaks who wouldn’t dream of allowing their members real ‘whole of market access’. Find me a network who passionately wants their members to do the right thing for the client like enable, and I will do a deal with them – but don’t hold your breath!”
