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LMS plans to get closer to brokers

It has appointed Deryck Highet, who has joined from Bradford & Bingley where he worked for the past 24 years in a number of positions, to the newly-created role.

He will be responsible for a team of 11 account managers and for developing the transactional and remortgaging business.

LMS has a national network of solicitors to which it refers conveyancing business introduced by brokers in return for commission which LMS says can form a substantial income stream. It pays brokers 15% of the total value of the sale on a transaction, £75 for a remortgage and 10% of the total value for a survey.

LMS has partnerships with a number of mortgage players including Sesame, Mortgage Intelligence, Mortgage Brain and Trigold and says it handles one in five of all UK remortgages.

Highet says: “I plan to develop the broker and estate agency side and show the opportunities for additional income streams.”

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