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Exclusive deals from loans network

Baxter&#39s Business Consultancy director Nick Baxter is starting a mortgage

and packaging network next month.

The network, Mortgage Promotions, will provide mortgage brokers with

exclusive loans and services from a panel of mainstream and specialist

lenders. Intermediaries joining the network will have access to loans from

20 product providers, including Intelligent Finance, Nationwide, Woolwich,

Coventry and Standard Life Bank.

The network will also negotiate lower-priced deals for insurance products,

including building and contents insurance and critical-illness cover.

Cheaper deals for unregulated life products and conveyancing will also be

available.

Unlike some networks, Mortgage Promotions will not administer member

firms&#39 compliance to the mortgage code but will provide a support service

offering intermediaries the level of assistance they feel they need to

comply.

This allows intermediaries to retain their registration with the Mortgage

Code Compliance Board while members of rival networks are able to join

Mortgage Promotions and simply choose products from its lending panel.

Baxter, who will remain in his main role at the consultancy, hopes to sign

up 1,500 intermediaries and expand the panel by five lenders by the end of

the year.

He says: “There is a big gap in the market for a service which provides

mortgage brokers with better terms and conditions with lenders and product

providers. Our aim is to bring together the bulk buying of mortgage writers

so that all firms can benefit.”

Mortgageforce managing director Rob Clifford says: “It is inevitable that

new operations will emerge now the MCCBz have stepped up training,

compliance and examination requirements and have handed down a serious fine

to a non-compliant adviser.”

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