The aim of the initiative is to widen PTP’s distribution. Franchise Partners consists of 12 packaging operations, primarily targeting regions of the country where PTP does not have a presence.
Two more firms are also set to come on board soon. PTP says it eventually wants to have between 15 and 20 franchise partners in operation. Each franchise has been set up as a joint venture between PTP and the firm concerned.
PTP will continue to process initial decisions in principle but after that its franchise partners will be responsible for the mortgage process including liaising with lenders.
Rob Jupp, managing director of PTP, says: “It’s great to be able to expand our proposition once again, this time with Franchise Partners. It is important to us to ensure that we are always bearing in mind our intermediaries’ needs.
“This is another way that we can add to the variety of services we provide for brokers.”