In the past few months four of the largest buy-to-let lenders in the industry have confirmed that they will only accept applications from brokers regulated by the Financial Services Authority, whether these are direct or indirect.
Since this development Mortgages for Business has been working to find a solution that would allow unregulated brokers to continue to transact buy-to-let business.
The solution it has come up with is to form its own dedicated buy-to-let mortgage network.
Nick Blunt, head of business partner development at Mortgages for Business, says: “For many brokers the solution might seem to be to join a large mortgage network where they can access a number of facilities, including residential services.
“But going down that route could result in intermediaries paying for business services they do not necessarily require.
He adds: “That’s why we decided to launch a targeted buy-to-let network. This way, brokers who only want to transact buy-to-let business only have to pay for transacting that type of work.”
The membership cost for the network is £75 a month for appointed representatives and £17.50 a month for introducer ARs.