This is as a result of their recent ‘no top-slicing’ enhancement.
Amongst a number of significant changes made to the GHL Group proposition, the ‘no top-slicing’ policy was intended to promote the image of transparency to its Network members whilst at the same time provide the introducer with 100% of the procuration fee received by the Network (lender permitting). The only fee retained by GHL Group is the standard Appointed Representative (AR) turnover charge (subject to a minimum £25 per case) or the standard submission fee of just £25 per case for DAs.
This resulted in April seeing a steady rise in the volume of new business submitted using the direct to lender route, as well as an increase in the number of new brokers using the facility for the first time. Analysis of those new cases has demonstrated that a large proportion of the lenders chosen were those that have benefited from an increase in procuration fee.
The direct submission panel offers brokers access to over 55 lenders who provide products in all sectors of the market including prime, self-certification, buy-to-let and non-conorming.
This ‘whole of market’ panel includes many highly regarded lenders such as BM Solutions, Cheltenham & Gloucester, Halifax, Mortgage Express, Nationwide and Northern Rock.
Commenting on the increased business levels, John Smith, sales & marketing director for GHL Group said: “We are keen to ensure that our network members experience a feeling of transparency when dealing with us, and the introduction of ‘no top-slicing’ on direct submission business is just part of the process. The increased levels of applications we have seen shows that this is important to the introducers that use our facility and also proves that our decision to implement the changes were correct. We are delighted that the benefits of this procuration fee enhancement are being seen so quickly.”
