The Peterborough-based network believes its proposition offers excellent value for money.
For Appointed Representatives, there is a one-off application fee of £100 (plus VAT), a monthly membership fee that starts at £100 (plus VAT) for up to 3 advisers, and a percentage of turnover charge that varies according to the size of the business (ranging from 5% to 10%), and substantially discounted PI cover.
No turnover charges will be made until November 1st 2004. This is a very real incentive for intermediaries to submit their applications early, ensuring sufficient time for all references to be taken and be sure of gaining approval prior to mortgage day.
Genesis are confident about the proposition and service levels, but are taking a flexible approach, and should intermediaries wish to leave the network, they will only require a three-month notice period.
John Lee, Head of Sales and Marketing at Genesis Home Loans plc, said: “We think our offering is attractive with the right balance of charges whilst maintaining market leading procuration fees.
When mortgage intermediaries compare networks it is important they look beyond the headline costs and also carry out a comprehensive review of things like procuration fees, compliance support and other services provided.
Which network intermediaries join is an important decision and not one they will be able to change quickly, if they subsequently find out that the discounted costs equate to a discounted service. ”
Full details of the Genesis proposition can be obtained by calling 0870 2421213 or by registering on the website www.mortgageday.co.uk
