Mortgage Next is waiving all monthly fees up to Mortgage Day for any intermediary who submits a successful application for appointed representative status.
This means that as well as not having to pay any fees, intermediaries will be able to trade under Mortgage Next's MCCB number and PI policy in the period up to October 31 2004.
Justine Tomlinson, marketing director at Mortgage Next, says: “This announcement has formalised agreements we have already been making with brokers who have applied to become network members. The initiative is also an enhancement to our innovative AR decision in principal form which was announced earlier this month, which is proving to be very popular with intermediaries. It enables brokers to quickly establish if their application for network membership stands a reasonable chance of success.”
Mortgage Next, like other networks, is finding that large numbers of brokers are expressing their desire to become ARs, but are holding-off completing an application form to save membership fees. Today's announcement by Mortgage Next will enable brokers to proceed with AR applications, without incurring any additional costs pre-M Day.
Tomlinson says: “Time is running out for brokers who want to become ARs. There is a danger for both brokers and networks that a last minute rush could cause application processing backlogs. Submitting a successful application today will cost nothing, but will provide brokers with the comfort of knowing they have the authorisation to continue trading after M Day.”
A downloadable DIP form will shortly be available on the Mortgage Next website: www.mortgagenext.co.uk and the form is the focus on Mortgage Next's current advertising campaign. If a broker submits a successful DIP, Mortgage Next will then help them prepare all the documentation required to submit a full AR application.