Baxter's 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
Unlike some networks, Mortgage Promotions will not administer member
firms' compliance to the mortgage code but will provide a support service
offering intermediaries the level of assistance they feel they need to
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
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.”