Sesame finalises panel members

Sesame has confirmed that the final four lenders to join its Mortgage Select panel option are Bank of Ireland, Bristol & West, Northern Rock and UCB Home Loans.

In its latest circular to members, seen by Mortgage Strategy, the network also outlines proc fees available from most of the panel members, billing these as the highest in the market.

There are now 17 lenders on the panel intended to represent the whole of market, including Abbey and HBOS which were the first to join in February.

The circular says most of the lenders will be offering proc fees 0.05% to 0.1% above the standard market rate, many of which will be payable on all applications submitted from May 1.

Andy Young, Sesame product manager, mortgages, says: “These are the highest proc fees available on the market and we&#39ve managed to get them for three reasons:

the volumes of business our members will do; our network proposition; and the fact that by being part of a panel, lenders can expect a greater share of business.

He adds: “One mortgage advice firm has calculated it can make an additional £40,000 in proc fees over a 12 month period through being a member of Mortgage Select.”

Examples of proc fees include B&W paying 0.4% on standard and buy-to-let, 0.6% on self-cert and 1.6% on adverse, with a minimum fee of £200.

Young says the panel has been put together to ensure there are three lenders included for every mortgage category and products will be reviewed weekly to ensure they are best buys.

Although the network is Sesame&#39s main proposition it is also looking to pick up directly authorised brokers for its mortgage support service.

Young says: “We are keen to pick up the relatively low number of advisers who have applied for DA.”

Sesame has over 2000 members signed-up and expects about 5,000 by October 31.