The incentives are available on products through its packaging arm and is the first deal in a campaign with its lender partners, entitled ‘The Best of Both Worlds’.
By using the products, brokers can benefit from an enhanced proc fee of 1.5 per cent, £250 cashback paid by Mortgage Times, and free valuation on property up to £800,000.
Payam Azadi, head of marketing at The Mortgage Times Group, commented: “This offer benefits both the broker with very competitive proc fees, as well as the client who can take advantage of a free valuation and a £250 cashback. The non-conforming market has become very competitive and, due to the size of our distribution channel, we are now managing to negotiate some of the best exclusive products in the mortgage market.
“This is a great deal for clients who have had credit problems in the past as it not only helps them to get a mortgage but it also helps them financially and must make us the home for SPML business.”
Paul Lipton-Rose, sales manager at SPML, said: “We have been working with Mortgage Times from the start and we have always wanted to create a better relationship, this will surely help that. We have added onsite underwriters at The Mortgage Times Group so this will hopefully create a better proposition for our customers.”
Mike Fry, director at Halton Insurance Service, commented: “What they are offering will attract a lot of introducers, especially with the high procuration fee. But I am a bit worried about who is going to pay for that and what the penalties are for the client.”
He added: “The headline sounds great but often with these things they sound too good to be true.”
