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Mortgage club anger over Brain promotion

Mortgage clubs are furious after Mortgage Brain sent a letter to its users promoting Mortgage 2000&#39s mortgage club.

The letter, which is headed with Mortgage Brain&#39s logo and signed by head of marketing Claire Kennedy, was sent out at the beginning of November.

It invites users to sign up for an exclusive mortgage club, 1st:Source, which is a rebranding of Mortgage 2000&#39s mortgage club m2i.

Mortgage clubs say they are angry that Mortgage Brain promoted one mortgage club over others as they believe that sourcing systems should be impartial.

They are concerned that the promotion could threaten their distribution and believe they should have been consulted before the letter was sent out.

But Mortgage Brain managing director Mark Lofthouse believes the issue has been blown out of proportion.

He says a number of companies, including Select & Protect and Paymentshield, use the database for promotions and he would be happy to talk to others who are interested in doing so.

Mortgage Intelligence managing director Sally Laker says: “We along with others were not happy to see a letter promoting one of our competitors. Mortgage Brain as a sourcing system should not be promoting networks, it should be impartial.”

Lofthouse says: “A number of mortgage clubs have spoken to us to ask if we are launching our own mortgage club and I can categorically say that it is not Mortgage Brain&#39s intention to have a mortgage club or to be a principal.

“It is a big non-issue. A number of companies are promoted through our database and if anyone wishes to discuss doing this with us, then I am happy to talk to them.”

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