First Mortgage Options is offering a rolling monthly deal to mortgage brokers who want direct authorisation but fail to get their FSA authorisation by October 31.
Your Mortgage Options, the mortgage network within the FMO group, will allow mortgage brokers of any size to operate as authorised representatives on a rolling mon-thly contract until their authorisation is received from the FSA.
YMO, which has full part four authorisation from the regulator, says this option will be relevant to brokers which have submitted late applications to the FSA or have had applications suspended until they provide additional information.
FMO group managing dir-ector Alan Hill says the group has had enquiries from businesses which have not yet made an application to the FSA but want the option to do so and in some instance, need help to get direct authorisation.
Hill says: “These businesses do not want to be tied to a network under an AR agreement for a 12-month contract so YMO's rolling monthly contract will offer them a flexible option to continue trading if they have not yet received direct authorisation.”