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Aifa sets up new body for loan advisers

Aifa is urging mortgage advisers to join its new trade association.

The Association of Mortgage Intermediaries will operate as a division of Aifa with its own board which will determine policy on mortgage intermediation. Chairman will be TQ Mortgage Service chief executive and former Namba steering committee chairman Charles Gooding.

AMI fees range from £160 per firm plus £20 per adviser for firms with one to five RIs to a £3,000 flat fee for firms with 200-plus RIs.

Mortgage IFAs Charcol, Chase de Vere Mortgages, London & Country, Mortgage Force and Savills have all already signed up. Mortgage clubs Legal & General, Mortgage Intelligence, Mortgage Next and Norwich Union have also become affiliate members.

The CML and Imla are providing a £100,000 interest-free loan facility to meet start-up costs but the AMI is looking to raise further cash.

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