Members Mortgages Network has introduced a scheme allowing brokers unwilling to give mortgage advice to refer clients to it under a scheme called the platinum service.
The scheme lets brokers refer clients to qualified advisers for mortgage-only advice while still maintaining “ownership” of them. The company supplies a no cross-selling guarantee. Brokers will get 50 per cent of the procuration fee for completed cases.
Members Mortgage will let the broker know when the client is being recontacted about their mortgage requirements so that other financial factors can be examined. When mortgage regulation comes into effect in October 2004, brokers can choose to become introducers while others may be able to use the facility until they gain a mortgage qualification.