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Loan network offering interim AR contracts

Mortgage network Networkone is offering an interim contract deal to sign up appointed representative firms ahead of mortgage regulation at the end of October.

It has issued 70 interim contracts for appointed representative firms and is in negotiations with another 100 companies.

The firm plans to offer free membership for ARs who meet sales targets, free PI cover and ongoing compliance support. Members will also get free computer and software packages including pre-installed Trigold-based mortgage-sourcing software. Membership will be available to any intermediary who completes a minimum of four specialist mortgage cases a month.

Networkone managing director Terry Markham says: “We think it is really important that intermediaries make an informed choice when it comes to selecting the network they will form a partnership with in the long-term. Bearing this in mind,we think it is a mistake to levy large fees on ARs.”

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