Sesame also saw record mortgage applications in June and monthly business levels increased by almost £200 million since launch in May this year. The figures provide early indication of the impact that regulation is already exerting on the market three months before Mortgage Day on 31 October.
Many advisers previously used mortgage clubs but are now placing their business through Sesame in order to take advantage of the enhanced procuration fees that have been negotiated with lenders.
Andy Young, product manager, mortgages says:
“We are delighted with the support that our new propositions are receiving from advisers. Many advisers are seizing the opportunity to review their business and, against a flat market, the results demonstrate the strength of Sesame’s offering. Size is crucial in the mortgage market and will help us drive the best procuration fees, service standards and exclusive mortgage schemes for our members.
“However, we remain concerned that many mortgage brokers who have not been regulated before do not fully appreciate the urgency in planning their route to regulation. The industry must do everything it can to reach these brokers and hammer home the regulation message before it is too late.”
