Mortgage 2000 Mortgage Club is increasing procuration fees to brokers placing cases with Nationwide and Woolwich via the club.
Brokers will now receive 0.3% of the mortgage advance on all Nationwide cases, 0.3% of the mortgage advance on Woolwich standard, Open Plan and buy-to-let products, and 0.5% on Woolwich offset products.
Alan Collinson, m2-mortgage club national sales manager, says: “I'm delighted that we have been able to negotiate these significantly improved terms for club users. The announcement is testament to our growing presence in the market, and signals our determination to further establish the club as a large and influential business partner to all brokers.
“Nationwide and Woolwich are key lenders, and I hope that by offering fees at this level, the m2-mortgage club will become the application submission route of choice for more and more intermediaries”
The m2-mortgage club now has a panel of 29 lenders, who account for over 90% of the mortgage lending market by volume. Lenders that joined in 2002 included Abbey National, Nationwide, Northern Rock, Yorkshire Building Society, the Portman, Future Mortgages and Virgin One Account.
The club is available to any MCCB registered intermediary.