The DIP form, which is the first of its kind, requires brokers to answer only 12 short questions and can be completed in a few minutes. The form can then be faxed or posted back to Mortgage Next, who will give an immediate assessment of the broker’s likelihood of making a successful application for appointed representative status. Mortgage Next is posting out thousands of DIP forms to brokers this week and is expecting a significant response.
Mortgage Next Managing Director, Martin Maynard, said: “A full application form for AR status, like a full mortgage application form, is several pages long and takes time to complete. However, as with a mortgage, a few short questions can quickly establish if the application stands a reasonable chance of success. Brokers understand the value of DIP’s in the mortgage market – I have no doubt they will immediately see the value of a DIP when it comes to filling-in regulation documents.”
A downloadable DIP form will shortly be available on the Mortgage Next website: www.mortgagenext.co.uk and the form is the focus on Mortgage Next’s current advertising campaign. If a broker submits a successful DIP, Mortgage Next will then help them prepare all the documentation required to submit a full AR application.
Mortgage Next is aiming to recruit between 300 and 500 appointed rep’s in the run-up to the introduction of regulation on 31 October. The company is providing a full range of regulatory support services, including a menu-based service for directly authorised brokers.
Based in Caterham, Surrey, Mortgage Next sold a majority shareholding to Freedom Finance in March this year, providing it with solid financial backing in the run-up to M Day and beyond. The company was recently a runner up in the Mortgage Introducer Awards for the ‘best mortgage distributor’.
Brokers requiring further information about Mortgage Next’s ‘Decision in Principle’ facility for prospective AR’s, can phone 01883 333100 or visit the company’s website at www.mortgagenext.co.uk
