In the wake of a lot of the large buy to let lenders indicating that they are only willing to deal with FSA regulated brokers, Mortgages For Business have launched a network for unregulated advisers who wish to transact buy-to-let business only.
They seem to think that this network is the best solution to allow unregulated mortgage brokers who are only interested in this section of the market to continue to trade. The reason they have opted for such a specialist network is so that they do not create a situation where brokers are not paying for services they will never utilise.
Nick Blunt, head of business partner development at Mortgages for Business, explained: “The solution for many brokers would be to join a large mortgage network where they can access a number of services – this would include residential services among other things. However, this solution means that brokers could be paying for services that they do not necessarily require.”
The fees they have indicated are £75 a month for appointed representatives and £17.50 for introducer appointed representatives. This will entitle the member to FSA registration, access to products and access to the sourcing and portfolio management tool Mortgage Flow.
