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PMS unveils ER referral scheme

Premier Mortgage Service has unveiled a new equity release referral scheme via Age Partnership.

The alliance enables brokers using PMS who currently don’t have equity release permission to refer their clients to Age Partnership while at the same time retaining the ability to earn a fee.

All regulatory advice and guidance is provided by Age Partnership while the originating brokers retains all other client relations.

Martin Reynolds, corporate manager at PMS, says: “At PMS we have supported the equity release market for a number of years.

“While we provide a full lender panel for authorised brokers we felt that it was important to support the rest of the market who are looking at new ways to help their clients whilst also protecting their income levels. We feel that this is an excellent opportunity.”

Tim Loy, chief executive of Age Partnership, says: “We are delighted to be partnering with PMS and look forward to providing a first class equity release referral service for its members.

“Equity release is set to grow significantly over the next few years and represents an additional revenue opportunity for mortgage brokers and IFAs who may have seen a downturn in other aspects of their business.

“The referral service is a new outlet for PMS members who wish to provide their clients with access to equity release products.”


Brokers should fear unpaid proc fees as networks close

The straw poll in your September 1 issue shows that 26% of brokers don’t fear their networks closing and walking off with proc fees they are owed. But a note of caution to those 26%. I was a member of Classic Network Solutions, which was taken over by GHL Network. I left in December 2007 and was paid until the end of January 2008.


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