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Millfield sets up mortgage club

Millfield Group is setting up a mortgage club this week, with development director Steve Cox leading the new venture.

Millfield Mortgage Solutions will be open to Millfield’s 900 advisers who hold mortgage licences.

The mortgage club will be using Trigold software which has been adapted to meet Millfield’s compliance requirements and is white-labelled with Millfield’s branding.

Cox says he felt that Millfield’s buying power was being diluted by using too many different mort- gage clubs. Mortgage Express, for example, reported it had received business via the network through 10 different payment routes.

There will be more than 30 lenders on Millfield Mortgage Solutions’ panel, including high-street and sub-prime lenders.

Direct routes can be set up for advisers who do not want to go through Millfield’s club.

Packaging arm Millfield Specialist Lending has been set up alongside the club, with strategic partnerships with Solent and Advantage packagers. It is not compulsory for advisers to use these packagers.

Cox says: “It is important to remember that the mortgage club is not a restrictive panel. If people need to use other lenders not represented, they can do so through other lending routes.”

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