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Loan brokerage for Hanley

Hanley Building Society has become the first UK building society to set up

a mortgage brokerage in a joint venture with mortgage network company

Mortgage Next.

The service, called fe3, offers mortgage products to direct customers from

a range of lenders on a fee-free basis.

Mortgage bank Bristol & West and building society Bradford & Bingley, due

to demutualise later this year, are also planning to set up mortgage

brokerages in the coming months.

Hanley hopes to take an annual £500m share of the mortgage market

within a few years. Profits from the venture will be fed back into the

society&#39s own products as well as used to support a range of community

enterprises.

The scheme builds on a three-year partnership between Hanley and Mortgage

Next which until now has operated mainly through intermediaries.

fe3 will offer a number of exclusive schemes. It announced the first three

last week – one for first-time buyers, a self-certification mortgage and

one for remortgaging.

Hanley head of marketing Alan Ierston says: “Borrowers want a wider choice

and are prepared to shop around for a good deal. The majority of mortgage

applications submitted to lenders are from independent advisers, so its

natural that such a brokerage facility should be available from a society.”

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