New mortgage club The Adviser Alliance will launch using the infrastructure of existing club Brilliant Solutions.
The Adviser Alliance aims to use advisers’ collective buying power to negotiate better deals with lenders and will launch later this month.
The alliance will be completely separate to the existing Brilliant Solutions mortgage club and will just use Brilliant’s operational support, such as access to lenders.
Brokers using the alliance get to keep all procuration fees in exchange for a small yearly fee paid to Brilliant.
To do this the Adviser Alliance will have a ‘no frills’ approach that strips out much of the cost of traditional mortgage club membership to return more money to its members.
The Adviser Alliance director Martin Stewart says: “This is a massive step forward for us and another key piece of the jigsaw is now in place.
“It’s real, it’s happening and the levels of interest from brokers and lenders alike is huge.”
The alliance will initially cap membership at 250.
Brilliant Solutions managing director Matthew Arena says: “We are delighted to partner with The Adviser Alliance to deliver a truly innovative service to the intermediary market.
“This is a big moment for the many brokers in the market who just look at mortgage clubs as a payment route.”
Interested brokers should contact Stewart at email@example.com.
Service provider Threesixty has also backed the alliance’s launch plans.