A new mortgage club that will pay members’ registration fees to the Mortgage Code Compliance Board (MCCB) in addition to giving access to compliance support and exclusive products, is to be launched by Misys, writes Kirstie Redford.
Misys Lending Services, to be launched in April this year, will offer membership to advisers belonging to its four networks ‘ Countrywide, Kestral, IFA Network and Financial Options.
For a £10 monthly fee, members will have access to exclusive products from its 25-strong lender panel, including Nationwide, Halifax, Intelligent Finance and Abbey National. The service also promises higher procuration fees, better service levels and full Mortgage Code support, including compliance manuals and CeMap training.
For an additional £11.75 a month, members can also gain access to Mortgage Brain. If two or less mortgages are sourced in a month, members will be refunded this fee. Other membership benefits include sample mailshots and advertising campaigns as well as access to special buildings and contents insurance. The club is also planning a series of roadshows across the UK.
Andy Young, head of marketing at Misys, has high hopes for the initiative.
He said: ‘We think it will be the leading mortgage club in the UK. We have used the buying power of 4,500 advisers within the Misys group to drive through added value benefits from lenders as well as providing the full Mortgage Code and marketing back-up anyone could ever need in order to develop their business through mortgages.’
The possibility of extending the club to non-Misys advisers has also been considered. ‘We will continue to evolve our proposition and making the club open to more advisers is something we may look at in the future,’ added Young.
Lenders on the panel will be required to pay an undisclosed fee to join, but according to Young, this is to finance joint marketing initiatives between Misys and the lenders.
‘We will work with some lenders to develop marketing initiatives by joint campaigns. To participate, there will be a charge made to lenders ‘ purely for the marketing activity,’ he said.