View more on these topics

Threesixty’s Phil Young backs new mortgage club launch plans

 Phil-Young-700x450

Service provider Threesixty has backed the launch plans of equitable mortgage club The DA Alliance.

Threesixty managing director Phil Young says he wants to “support and help implement” plans to launch the new club, which aims to deliver 100 per cent of procuration fees to its members.

Young says he is looking to promote the club to Threesixty members.

Around 120 brokers, controlling lending of £2.3bn,have already showed interest in signing up to the alliance, which is the brainchild of London Money director Martin Stewart.

Young says: “Our research shows that mortgage advisers can lose up to 9 per cent of the procuration fee to the mortgage clubs. That’s a significant proportion of the fee that fails to make its way home.”

“I’ve spoken to several mortgage advisers recently, who like the idea of a flat fee structure adopted in order that they, as business owners , can deploy their capital in different areas be it marketing or support staff.

“With access to over 7,000 advisers, of which 20 per cent are active in the mortgage market, we are looking to support and help implement the DA Alliance ideas.”

Young adds the mortgage industry does not work as well as it should for directly-authorised brokers.

He says: “I’d like to see that imbalance addressed and this initiative would give us the perfect platform to evolve the sector.”

Stewart says: “As a quest for greater transparency sweeps the world, we believe the DA Alliance is the right solution, at the right time.

“We continue to be delighted by the support we have received from directly-authorised brokers. Phil’s support brings the day we launch the DA Alliance one step closer.

“We will continue our discussions with mortgage brokers and other interested parties and make a further announcement in the coming weeks.”

The DA Alliance is still open for interested brokers, who can show interest by emailing martin@london-money.co.uk.

Recommended

Stewart-Martin

New not-for-profit mortgage club eyes launch

A new not-for-profit mortgage club is planning to launch, aiming to strip out costs and return more money to its members, according to London Money director Martin Stewart. The mooted DA Alliance would gather 100 directly-authorised brokers into a group and use their collective buying power to access better deals from lenders. Each broker would […]

Stewart-Martin
2

Growing support for non-profit mortgage club

There is mounting support for a new not-for-profit mortgage club, after London Money director Martin Stewart mooted the launch in a cover feature for Mortgage Strategy last week. Stewart aims to rally 100 or so directly authorised advisers to form DA Alliance and use their collective buying power to negotiate better deals with lenders. He […]

Honest broking: London Money’s Martin Stewart

Martin Stewart founded London Money as a provider of simple, honest advice. He believes brands are vital to the sector and small firms need a leg-up As the straight-talking, wise-cracking founder of London Money, Martin Stewart needs little introduction to the mortgage broker market. A self-confessed work­aholic, Stewart has built up the London-based financial advice […]

How we’re challenging challenger banks

The bridging market has enjoyed an excellent couple of years and, as a result, has seen a succession of new lenders enter the market. That competition has forced all of us to look carefully at how we price bridging loans. Over the past few months we have spent a lot of time on adjusting the […]

Newsletter

News and expert analysis straight to your inbox

Sign up