Including white-label website facilities, access to a panel of lead generation companies, and a car leasing scheme, the Passport scheme also includes an air miles incentive. For each standard completion brokers receive 145 Air Miles, with non-conforming applications entitling brokers to 290 Air Miles after the first two cases each month. Membership to the passport scheme costs £100, which can be deducted from the brokers’ first procuration fee after joining.
Martin Maynard, managing director at Mortgage Next Partners, was pleased with the take-up of the Passport scheme and confirmed more benefits would be included in the coming months. He said: “Our intention is to continue building on the Passport initiative. We have already demonstrated that we can take the club proposition beyond being a ‘sticker and submit’ mortgage application service. There is clearly a demand for the type of added value features we have on offer.”
John Sullivan of STG Financial Services Limited added: “Mortgage Next’s Passport scheme offers genuine added value benefits. I value the support I get from the new business team and business development managers, who make all the difference when it comes to placing difficult cases. I also think the Air Miles incentive is a great idea. As a frequent flyer to both Spain and Dubai I can utilise my pool of Air Miles to reduce the cost of holidays and business trips, which is great news.”
However Alan Lakey, senior partner at Highclere Financial Services, said there were more important things than Air Miles. “Service levels, proc fees and turnaround times are all important factors, and I don’t think an Air Miles service in itself would make me choose Mortgage Next. If all other services it offers fit, then Air Miles are good, but the Financial Services Authority (FSA) states brokers should not choose a lender based purely on incentives.”
