The new proposition has been developed in response to feedback during the past few weeks from hundreds of brokers, who are finding it difficult to understand and compare the deals on offer from the various networks. Mortgage Next has reduced its fees into 4 bands (see below) and is also offering additional free service enhancements which include mortgage sourcing and point of sale compliance software and PII cover.
Mortgage Next’s new fee structure is:
Mortgage completions Fee per Additional Benefits
per month completed case
1 – 4 £50 Free sourcing & POS software
5 – 9 £25 Free sourcing & POS software
10 – 19 £15 Free sourcing & POS software
20 + £5 & free PII cover
Notes:
1) The above fees, which include VAT, apply to firms of up to 4 introducers. For larger firms capable of generating larger volumes of business, fees are subject to negotiation.
2) On 1 November 2004 a firm will be allocated to a fee band, based on historical business volumes.
3) Each firm’s business volumes will be reviewed on a six monthly basis and fee bands will be adjusted accordingly.
Martin Maynard, Managing Director of Mortgage Next, said: “Brokers want greater transparency to enable them to compare one network with another. Not only is our proposition fully transparent and easy to understand, but it is one of the most price competitive deals on offer from a mortgage Principal. Feedback from brokers to this new deal has been fantastic – it provides the clarity they are desperately seeking.”
“As the gloves come off in the run-up to M Day, we believe we are in a stronger position than many of our competitors, because of the sound financial backing we have from our parent Group. This initiative has been deliberately designed to be a Wall-mart style ‘double whammy’ on price and service.”
This latest development is part of Mortgage Next’s ongoing campaign entitled “The ‘Next’ decision is easy”. In June Mortgage Next launched its AR ‘Decision in Principle’ form, which helps brokers to quickly establish if their application for network membership is likely to be successful. This was followed by the decision to waive network fees prior to M Day, for any intermediary who submits a successful application for appointed representative status. Mortgage Next also has its new point of sale compliance software available for demonstration to brokers.
A downloadable DIP form, information about the new pricing tariff and further details about services for appointed representatives are available on the Mortgage Next website: www.mortgagenext.co.uk
Brokers requiring further information about Mortgage Next’s network services for AR’s, can also phone 01883 333100
