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Savills&#39 fee deal for IFAs who refer loan business

Savills Private Finance is offering to conduct mortgage business on behalf of IFAs who do not want the hassle of selling mortgages.

Savills is asking advisers to refer mortgage clients to the company ins- tead of referring the business to tied agents.

It will pay IFAs a percentage of the introducer fee it gets from lenders for each mortgage sold.

Because of its size, Savills is able to negotiate high procuration fees and better mortgage rates from lenders, providing low rates for borrowers and commission for IFAs.

Savills believes there is a market for the service because impending regulations will impose even tighter compliance rules and costs on IFAs, who may be forced to stop offering mortgage advice.

It says many IFAs do not regard the sale of mortgages as a core part of their business and would rather earn commission for a simple referral.

Savills has so far signed up several IFAs, including RJ Temple, and is in negotiations with several other major companies.

Director Mike Boles says: “I think Savills can add significant value to the process with our buying power and ability to negotiate higher fees from lenders in return for business.”

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