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Sesame offers two network options for loan brokers

Sesame is offering mortgage brokers two regulated network options under mortgage regulation along with the opportunity to remain directly authorised while using its support services.

Appointed representatives will be able to join Mortgage Select, which has a panel of lenders, or Mortgage Market, which covers every lender in the market.

Procuration fees are higher for Mortgage Select, which works on the principle that it will offer three of the top five lenders in each product area to its members. Commercial director Martin Davis says he hopes to convert as many of Sesame&#39s 4,500 network members as possible to its new proposition, along with the 1,300 advisers in its services companies.

Charges will start at 5 per cent of turnover and the pricing structure will work in tiers which fall with higher turnover.

Davis says he expects existing Sesame IFAs to fall into lower-charging tiers when they start to put mortgage business through Sesame and turnover comprises combined life, pension and mortgage business.

He says members will not be pressured into join Mortgage Select over Mortgage Market.

Davis predicts that mortgage specialists will go for the panel option offered by Mortgage Select while holistic financial planners are likely to opt for Mortgage Market.

Davis says: “Financial advisers have a massive business decision to make as they choose their route to regulation.

“Our comprehensive proposition provides advisers with the support they need for whichever path they choose along with a range of attractive incentives for new and existing customers.”

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