MGM Assurance has launched MGM Home Finance for brokers seeking appointed representative status.
The network will be free to intermediaries who pass seven or more applications through one of its four packaging partners, or £50 per month to those who submit less.
MGM will use Optima Mortgage Solutions and Mortgage Intelligence's lender panels for prime applications, with separate deals with BDS Mortgage Desk and Solent Mortgage Services for access to their sub-prime panels.
MGM plans to exploit its status as a life insurer to self-insure all ARs for professional indemnity cover.
Stephen Maskens, manager of MGM Home Loans, says: “Our existing resources will enable us to slash the cost of supporting regulation.”