The recently-launched Mortgage Intermediary Alliance has created a dedicated mortgage club primarily for Scotland-based intermediaries.
Helix Mortgage Services will provide specialist mortgage services for direct and administered business offering access to commercial, secured and residential mortgage loans.
MIAS has formed alliances with three companies to launch the club: Adventi which will provide IT support to member brokers; mortgage administration company Opus to distribute its products; and Compliance First, a leading Scottish compliance network.
Helix is initially rolling out to 500 directly authorised intermediaries, of which 25% are based in England. It will also offer a network for appointed representatives in conjunction with Compliance First. Helix will negotiate exclusive products and is piloting a deal through Edinburgh-based property centre Warners Financial Management, backed by building societies led by Market Harborough chief executive Philip Dearing.
The deal offers a three-year discount off an SVR of 6.24%, with an initial rate of 3.74%. The first-year discount is 2.5%, falling to 1.5% for the next two years.
MIAS director Kevin Friend says: “We are looking to build funding and bring other lenders into the syndicate.”
Friend, an Englishman, hopes to wrap the service in the Scottish flag. He says: “English-based building societies who join can outsource all the administration and legals to us. We see Scotland as a country rather than a region.”
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