Additionally, it announced that in future both Mortgages plc and BM Solutions would pay its registered users directly.
Explaining the rational for the increased fee and new payment process Nick Baxter, Mortgage Promotions director, said: “We have always wanted to do the best thing for our registered users. Mortgages plc and BM Solutions are the most recent of our lender partners to agree to pay our users directly. Importantly this saves up to five working days in the physical process of getting them paid, but maybe more importantly as our administration costs have been reduced we have passed on the cost saving with our market beating new rate. Firms should check what rate they receive on Mortgages plc and BM solutions business either directly or through their existing mortgage club relationship – if we can get them a better fee we would be delighted to help them.
“As a mortgage club there is no reason why every directly authorised mortgage firm should not be registered to use us. We are free to join and mortgage firms can use us as often or as little as benefits them. There is now no product we cannot offer that either a firm or their consumer might need, but all products are offered on a menu (use as little or often as required) basis.”
The new net procuration fees are:
Mortgages plc
Near Prime plus and Near Prime 0.52 per cent of the advance, no maximum, minimum £250.00, RTB minimum £200.00).
Super light, Light, Medium, Heavy and Fastrack 1.25 per cent of the advance, (no maximum, minimum £525.00, RTB minimum £375.00
BM Solutions
Buy to Let: 0.52 per cent of the advance (min £200 max £5,000).
Self-certification: 0.47per cent of the advance (min £200 max £5,000)
Light Adverse: 0.62 per cent of the advance (min £250 max £5,000)
Sub-Prime: 0.72 per cent of the (min £250 max £5,000)
Mainstream: 0.37 per cent of the advance (no min or max).
