Mortgage Next has launched a decision in principle facility which it says enables brokers to quickly establish if their application for appointed representative status is likely to be successful.
The DIP form, which Mortgage Next says is the first of its kind, requires brokers to answer 12 short questions and can be completed in a few minutes. The form can then be faxed or posted back to Mortgage Next, which will give an immediate assessment of the broker's likelihood of making a successful application for appointed representative status. Mortgage Next is posting out thousands of DIP forms to brokers this week and is expecting a significant response.
Mortgage Next managing director Martin Maynard says: “A full application form for AR status, like a full mortgage application form, is several pages long and takes time to complete. However, as with a mortgage, a few short questions can quickly establish if the application stands a reasonable chance of success. Brokers understand the value of DIP's in the mortgage market - I have no doubt they will immediately see the value of a DIP when it comes to filling in regulation documents.”
A downloadable DIP form will shortly be available on the Mortgage Next website, www.mortgagenext.co.uk, and the form is the focus on Mortgage Next's current advertising campaign. If a broker submits a successful DIP, Mortgage Next says it will then help them prepare all the documentation required to submit a full AR application.
Mortgage Next is aiming to recruit between 300 and 500 ARs in the run-up to the introduction of regulation on October 31. The company is providing a full range of regulatory support services, including a menu-based service for directly authorised brokers.