Next Generation Mortgages is to cater for intermediaries seeking direct authorisation under the Financial Services Authority.
As of yesterday, Cardiff-based NGM is rolling out its added value proposition which features 18 components to brokers and IFAs throughout the UK who have declared an intention to become principals.
There will be no formal upfront charges to those intermediaries keen to sign up to the NGM service, but principals will need to submit two specialist mortgage cases via NGM every calendar month.
Key features of the NGM principal offering include compliance support, which combines the provision of an exclusive member manual, ongoing file checking and access to our 24-hour member helpdesk; access to a comprehensive packaged and direct lending panels; full procuration fees paid and ongoing training and competency support.
Other components include an annual audit; the provision of free mortgage sourcing software; marketing support; local business development support and access to NGM's general insurance and life assurance panels and its business helpdesk.
Sian Markham, director of operations at NGM, says; “Our intention all along is to offer a robust and user-friendly service that adds value to the member. We put time, effort and resource behind this proposition in order to be able to bring a strong proposition to the market. That's why we have not been among the first companies to show our hand to principals.”
“Initially will be looking to recruit just 150 principal members between now and Mortgage Day. However, if our Principal offering is as well received as we believe it will be then we are confident this goal can be achieved well before October 31.”