Gerry O’Brien confirms there will be no contract tie-in

Gerry O’Brien, chief executive officer has spoken exclusively to Mortgage Strategy Online and confirmed that appointed representatives will not have to sign a 12-month contract that ties them into the new firm.

Mortgage Strategy had earlier been sent an email by somebody claiming to be the network’s press spokesperson saying that ARs would be tied in, but O’Brien says this will not be the case.

He says: “The contracts will be the standard contracts and they will not differ from the old ones apart from a variation of the FSA authorisation number.”

He says brokers will only be required to sign up to the new network for three months as was the case in the old contracts.

Yesterday Home of Choice confirmed that it’s in advanced talks with LSL Property Services about acquiring the business and this will result in the network going into administration while it’s bought.