However the network will continue its principle of recognising firms with high levels of compliance. Brokers achieving the ‘excellent’ category will receive a 1 per cent rebate and those achieving the ‘good’ category will receive a 0.5 per cent rebate on the set deduction of 5 per cent.
It will make no compliance deduction for unregulated mortgage business, so no additional compliance charges apply to buy-to-let and commercial mortgages.
Tony Jones, managing director of Pink Home Loans, said: “Customer feedback suggested that the complexity of our pricing model detracted from our very strong network proposition.
“We have removed the complicated elements of the pricing structure to increase transparency and make it easier for customers to understand.
“The new pricing still reflects the principle of recognising excellence in compliance and we have introduced a ‘recognition scheme’ to encourage customers in a positive way.”
The new pricing will be launched on 1 March with existing customers given three months’ notice of the change and the option of transferring to the new model from the launch date.
Pink Home Loans network members will receive a letter explaining the changes this week.
