Cardiff-based Next Generation Mortgages is launching a support service targeting intermediaries applying to be directly authorised by the FSA.
There will be no upfront fee for principals or prospective principals signing up to the service but they must commit to submitting two specialist mortgage cases through NGM every month.
Features of the NGM Principal offering are: compliance support including a member manual, file checking and a 24-hour member helpdesk; access to packaged and direct lending panels; proc fees paid in full and ongoing training and competency support.
Other components include an annual audit, free mortgage sourcing software, marketing support, local business development support and access to general insurance and life assurance panels.
NGM says this launch follows the success of networkone, its appointed representative network arm.
Director of operations Sian Markham says: “Our intention is to offer a robust service that adds value. We have put effort and resource behind this and that's why we were not among the first companies to show their hand to principals. Our goal is not to be the biggest provider of services to principals but to be one of the best.
She adds “We want to appeal to a distinct group of people, namely mortgage professionals who have high standards. We are looking to recruit 150 members between now and M-Day but if our Principal offering is as well-received as we believe it will be, I'm confident that this can be achieved well before then.”