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Mortgage Alliance sets £10bn target

The new head of Mortgage Alliance, Phil Whitehouse, plans to double the mortgage club’s distribution to £10bn by the end of 2009.

The club currently places £5bn worth of business with lenders but Whitehouse says it would like to increase this to £7bn by the end of 2008 and £10bn next year.

He says: “We have got the bigger players in our sights, such as Mortgage Intelligence and Pink Home Loans. We have got a bit of catch-up to do but we have got the right ingredients in place to increase business.”

TMA has 6,000 registered brokers and 10 networks that supply it with business. Whitehouse says it has been registering 50 brokers a week since the middle of January.

He says targets are there to be hit but it will not do business at the expense of good quality loans.

Whitehouse says: “We will look to have a range of exclusive products but we will only do maybe three or four exclusives at one time so that the lenders get the value they feel the product deserves.”

He says TMA has plans to improve its ancillary product proposition such as commercial and bridging loans. He says it is in the process of lining up a secured loan deal, outsourcing business to a master broker, which he hopes to reveal in the coming weeks.

Whitehouse says: “The trick is in choosing the right type of organisation with the right business ethics. Even though I want a great commission structure, we also need to bear in mind treating customers fairly.”


Enter the dragon

So all the lobbying by the Confederation of British Industry and the Federation of Small Businesses has paid off. Well, if you expect to make a capital gain from the sale of your business of less than £1m, that is. If you are likely to make more than that from sales of businesses in your lifetime, you will find that £1m is the cumulative lifetime limit and that the ordinary 18 per cent flat rate of capital gains tax applies above that, so this might not be seen as such good news by so-called serial entrepreneurs.

Special delivery

Last month, I had the honour of being invited back to Singapore to deliver a speech to the Financial Planners Association Congress. While there, I was invited by Prudential Singapore to educate its advisers about a new product, a unit-linked whole-of-life plan, and how advisers could sell more of it.

Lifequote boosts Intelligent Protection software

Lifequote has updated its Intelligent Protection software so advisers can now use level term as an alternative to family income benefit for the protection of dependants.It now encourages income protection to be used for mortgages which go past age 65 and provides a ‘contingency life cover’ facility that allows ad-hoc life cover to be added […]


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