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Mortgage Next simplifies fees

Mortgage Next has simplified its appointed representative proposition as part of its drive to recruit brokers in the lead-up to M-Day.

The move follows feedback from brokers saying they are finding it difficult to understand and compare deals from the different networks.

In a campaign called The Next Decision Is Easy, Mortgage Next has tabulated its fees into four bands and is offering free service enhancements, including mortgage sourcing, point-of-sale compliance software and free PI cover to brokers that complete 20 or more mortgages a month.

Brokers completing four or fewer mortgages a month are charged £50 for each one, decreasing on a scale to £5 per case for advisers completing 20 loans or more a month.

From November, a firm will be allocated to a fee band depending on its past business volumes. Each firm&#39s volumes will be reviewed after six months.

The new proposition follows Mortgage Next&#39s launch in June of its AR decision-in-principle form which allows brokers to establish if their application is likely to be successful. This was followed by waiving network fees beforeM-Day for intermediaries who submit successful applications to become ARs.

Managing director Martin Maynard says: “Brokers want greater transparency to enable them to compare one network with another. As the gloves come off in the run-up to M-Day, we believe we are in a stronger position than many of our competitors because of the sound financial backing we have from our parent group. This initiative has been designed to be a double whammy on price and service.”

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