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Its not AR numbers, but profitability that counts

I would like to clarify the exclusive published in Mortgage Strategy October 18 2004.

I don’t entirely agree that there will only be a handful of networks that survive – indeed I’m of the opinion that there is plenty of room for networks large and small.

My network has about 250 members. Some would class that as small. Fine, but it’s profitable and that’s all that really counts. Being large and losing money is not going to be any good in the longer term.

The point I was making was that there is a difference between existing networks (call them IFA networks if you want) and the new mortgage networks that started because they foresaw a market of 10,000 mortgage brokers needing homes. It’s the latter that have a problem.

The Whitechurch Network has openly said that in terms of a sales campaign the number of members we got on board could be described, at best, as poor, but the few we got have increased the overall numbers we have.

However, if I was a new mortgage network I’d be rather worried if I had a membership matching the sort of numbers that I managed to get – there’s small and then there’s really small.

It’s a pity because you would have though that spreading all those mortgage brokers around into old and new networks alike would have created a nice balance and helped competition.

Let’s wait and see. As I said in my last letter there will no doubt be a hard fought post-regulation battle as firms start to realise whether their initial move was correct.

Ian McIver
Managing director
The Whitechurch Network
By email


Sorry to disappoint you Brian, but my future’s rosy

I see from Brian Melling’s letter (Mortgage Strategy October 25) that he is of the opinion that I will have no income stream from mortgage advice after Mortgage Day. His presumption is incorrect. Not only will it play a part in my income (as it has for the last 28 years) but I suspect it will improve.

Platform to disclose all packaging fees

A statement released by Platform says: “Our decision has been made following further discussions with a number of our key contacts, including relevant packagers and business partners. We believe that this is the best way forward and complies with the spirit of the regulation. “It also reflects the prevailing market view that full disclosure creates […]

The threat of new rules from Europe looms

Michael Coogan, director-general, CML The Council of Mortgage Lenders supports statutory regulation as it will help maintain a high level of consumer confidence in the mortgage market. But we also believe that the voluntary Mortgage Code we instigated has played an important role in enhancing consumer protection.

Advantage Home Loans, the branded mortgage arranger, has launched its online KFI production service covering all its products on offer by its branded lending partners.

The Financial Services Authority has published details of firms regulated to conduct mortgage business either directly authorised or as appointed representatives. This information enables lenders and customers to check whether the firms with which they are dealing have the appropriate authorisation. This can be done using the firmcheck service on the FSA website ( or, […]

Image courtesy of Stuart Miles at

Pension freedom: wish you were here?

Out there lies a warm ocean of desert islands, sun, sand and palm trees, where individuals can choose how and when to tax-efficiently access their pension fund and realise the retirement dreams they have worked so hard for.


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