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Sub-prime packager unveils £3m incentive scheme

Sub-prime mortgage packager The Finance Centre is to launch a major incentive scheme to intermediaries worth nearly £3 million over the next five months.

TFC will unveil the venture at the Business Expo 2002, which is being held at London&#39s Earl&#39s Court and Olympia exhibition centre. At the event, a total of 8,000 vouchers – worth a minimum of £250 and a maximum of £449 – are to be released to the intermediary community.

Every mortgage broker or IFA who takes away the vouchers from TFC&#39s stand (number 732) could be up to £699 better off – providing they complete at least two sub-prime re-mortgage deals with TFC before 31 March 2003.

To benefit from the scheme, intermediaries have to complete two sub-prime re-mortgages during the period November 12 2002 to March 31 2003. In return for placing this business, the deals that are submitted will qualify to have the legal fees or valuation costs refunded by TFC.

TFC senior partner Wayne Smethurst says: “It&#39s a genuine offer. We will be refunding the legal or valuation costs on both remortgages that complete within the period. If all 8,000 forms are used by intermediaries it will mean that our pockets will be almost £3m lighter at the end of the day.”

Two clauses apply to the offer. Firstly, brokers must use the panel solicitors, Warrington based lawyers Jonathan Edwards. Secondly, intermediaries will not be able to use the vouchers in conjunction with any other TFC promotion.

Smethurst adds: “It&#39s a major milestone for us. We believe it will be an attractive proposition to established sub-prime players – and those mortgage introducers who deal in the market on an occasional basis. We also think that Business Expo 2002 is the perfect launch vehicle.”

At the TFC stand on November 12-13, intermediaries will also be able to claim a free bottle of white or red wine – and gain entry to two free prize draws for luxury weekend breaks for two in Paris.

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