Key benefits of Passport, to be unveiled on 1 October, include access to a panel of lead generation companies, access to workshops and support, online applications and decision-in-principles (DIPs), as well as a dedicated business team for Passport members.
In addition Passport will operate a discounted car-leasing scheme and give Air Miles to any broker that signs up with the mortgage club and completes more than two deals a month. For every deal completed (after the initial two each month) the broker will obtain 145 Air Miles for standard completions and 290 Air Miles for non-conforming and packaged cases.
Also, the first 1,000 intermediaries to sign-up to Passport will receive 450 Air Miles with the standard £100 Passport yearly membership fee deducted from the broker’s first proc fee.
Justine Tomlinson, marketing director at Mortgage Next, was sure the scheme would encourage a greater bond between the company and intermediaries. “We believe Passport will enable us to further bolster our position by delivering a really strong package of benefits to brokers,” she said.
Intermediaries will still receive the standard proc fees for completing deals through Mortgage Next but will also receive Air Miles in an attempt to build loyalty between the company and its users.
However, Jock Cassidy, managing director of Ashley Law, was less keen on the business-through-incentive initiatives currently seen in the market. “There are a lot of deals with incentives such as Air Miles floating around at the minute and it has to be exceptional to grab peoples’ attention. Having said that, incentives alone should not motivate brokers to do business with packagers and clubs.”
