View more on these topics

Packager network formed

The Professional Mortgage Partnership network has been launched by five packagers with the aim of recruiting 250 member brokers by Mortgage Day.

The packagers behind the new Darlington-based network are Amity Mortgages, Knight Funding, Offering People Mortgages, Premier Mortgage Packagers and Premier Mortgage Centre.

PMP says brokers do not have to guarantee a minimum level of business to join as it is confident its service and support will help members achieve their income potential.

It has two lending panels with over 20 lenders on each. Included in its mortgage club panel are high street names like Abbey, Halifax, Northern Rock and Alliance & Leicester. While it packaging panel includes all major intermediary lenders including Platform, The Mortgage Business, GMAC-RFC, Royal Bank of Scotland, Bristol & West, Mortgage Express and BM Solutions. It also has a non-regulated insurance panel.

PMP says brokers on the databases of the five packagers have helped shape the network&#39s proposition. Its priorities are: service, with each broker being assigned a business manager rather than going through an automated phone system; low fees of £295 per annum for professional indemnity insurance and registration and £30 a month for sourcing and compliance; a range of exclusive products; and guaranteed prompt payment of proc fees on completion.

PMP spokesman Paul Murricane says: “We wanted to make sure our proposition was the best, based on extensive research of what brokers actually want.”

Recommended

Rate rise indication of further hikes to come, warns the Yorkshire

The Yorkshire says the latest base rate rise is a strong indicator of further rate hikes to come. The Monetary Policy Committee&#39s decision to increase Bank of England base rates by a further 0.25% for the second consecutive month was no surprise to the industry.Many factors are considered to have affected the decision including strong […]

West Brom hopeful on M25 B2L but lending ban stays

The buy-to-let market in London is showing signs of recovery, says West Bromwich. But despite this, it is refusing to lend on properties within the M25 with the relaunch of its buy-to-let product. Richard Early, assistant manager of credit and risk at West Brom, says: “West Brom&#39s perception of the London housing market is that […]

Housing havoc predicted

Prudential is predicting a property nightmare for baby boomers who are relying on their homes to fund their retirement. A report commissioned by the Pru from Datamonitor called Equity Release in the UK suggests four million homeowners are relying on their properties to form part of their pensions in retirement and that if they all […]

Pink launches fixed buy-to-let product with MEX

Pink Home Loans has launched an exclusive fixed rate buy-to-let mortgage in association with Mortgage Express. The product offers an initial pay rate of 5.89% fixed until September 3 2007. The product offers flexible features including overpayments, underpayments and drawdown facilities. Buy-to-let investors can also save £150 off the application/ valuation fee on loans over […]