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's 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.”