MORTGAGE Next has followed the lead of Mortgage Intelligence by offering intermediaries the opportunity to join for free until October 31 when FSA regulation starts.
Mortgage Next, part of Freedom Finance, says it is waiving monthly fees for all intermediaries who submit a successful application to become an appointed representative. They can also trade under Mortgage Next's MCCB number and their PI policy until October 31.
Mortgage Next marketing director Justine Tomlinson says: “Time is running out for brokers who want to become ARs. There is danger, for both brokers and networks, that a last minute rush could cause application processing backlogs.”
MI managing director Sally Laker says: “We don't believe networks should expect intermediaries to pay now for benefits they don't actually need until FSA regulation comes into force.
“This is an important concern that intermediaries have raised with us and there is no reason we can't resolve the issue.”
Laker adds: “The Manchester Expo seemed to be the turning point. Until that point the feedback we were getting from intermediaries was that they were unsure about whether to go AR or DA and were also undecided about which network best suited their needs. But since then many seem to have made their minds up one way or the other.”