Initially networkone will have the core of its business written by a group of 100 mortgage broking companies and organisations that distribute prime and non-conforming mortgages. The network will not levy a monthly fee to members, opting instead to recruit brokers and IFAs who are capable of submitting 10 mortgage applications every month. Mortgage packaging services will be provided by NGM.
The network believes it can recruit a ‘100 club’ within nine months by offering the most robust, dynamic and user-friendly compliance regime in the market, as well as access to a range of attractive mortgage and general insurance deals. In addition, it believes its intermediary payment guarantee scheme – which ensures that brokers and IFAs receive procuration fees within five days of a mortgage completing – will be an attractive proposition to many.
“We are not looking to be all things to all people,” commented network head Terry Markham. “We want to deal with serious-minded mortgage professionals who are committed to creating a strong working partnership from day one of the relationship. We are in a position to ensure that our intermediaries have nothing to worry about on the compliance front and are in a position to offer a range of mortgages and insurance products to their clients that are as competitive as any in the market.”
Key benefits offered to intermediaries by networkone include
- Customised compliance solutions
- Working alongside Clive Eccleston, one of the UK mortgage industry’s leading regulatory experts
- networkone intermediaries will be able to focus on writing prime and specialist mortgages confident that they will have no issues to worry about concerning red tape.
- Automatic participation in the Intermediary Payment Guarantee Scheme (IPGS): this ensures that all members receive commission payments within five working days of a mortgage case completing.
- Full business support: members of the networkone business development team will be at hand to ensure that all network members receive help to grow their businesses (including a wide range of marketing initiatives) All ‘100 club’ members will receive at least one visit every month from a business development manager.
- Free use of the latest online technology: members will be able to take advantage of revolution, the online resource offering full case-tracking, case submission, decision in principle, generic documentation and real-time product information.
- Access to the exclusive and semi-exclusive products of over 50 leading mortgage and general insurance companies.
By attracting the right king of intermediary partners, networkone believes that it can quickly establish itself as a leading network in the UK, delivering over £850 million of completions by the end of 2005.
“The figures we are talking about are realistic and achievable with the right kind of broker and IFA partners on board,” added Terry Markham. “I’m confident that we will do well over the next 12 months and I urge all those brokers and IFAs who are looking to join forces with a network to get in touch with us. It’s definitely a call worth making.”
