In the last few months four of the largest buy-to-let lenders have confirmed that they will only accept applications from FSA regulated brokers – whether it be on a direct or indirect submission basis.
Since this announcement Mortgages for Business has been working to find a solution which allows unregulated mortgage brokers to continue to transact buy-to-let business and this solution comes in the form of a buy-to-let mortgage network.
Nick Blunt, head of business partner development at Mortgages for Business, says: “The solution for many brokers would be to join a large mortgage network where they can access a number of services, this would include residential services among other things.
“However, this solution means that brokers could be paying for services that they do not necessarily require. At Mortgages for Business we have produced a buy-to-let network solution which means that those brokers who only want to transact buy-to-let business only have to pay for transacting buy-to-let Business.’
The cost of the Mortgages for Business buy-to-let network membership is £75 a month for appointed representatives and £17.50 for Introducer appointed representatives.