The Mortgage Placement Company (TMPC) has signed an introducer agreement with Mortgages plc to work on a branded correspondent basis, through TMPC’s 8,000 members. The new deal is expected to be worth around £120m in new business per year from the introducer.
The agreement allows TMPC to reinforce its market position through developing its own brand, by using Mortgage plc’s product range. TMPC made their choice of lender after a survey of all the lenders in the non-conforming market. TMPC said Mortgages plc stood out in terms of service and product. Edwin Coughtrie, director of TMPC, said: ‘It was also important to us that the lender we worked with showed total commitment to the intermediary market. In that respect, Mortgages plc fully supports correspondent and branded lending and the packager market as a whole. It has not diluted this focus by going direct to the consumer.’
Peter Beaumont, sales and marketing director at Mortgages plc, added: ‘Signing this deal has been a significant coup for us against the larger players in the market and it has been one of Mortgage plc’s key priorities in 2002 to secure strong relationships with significant volume producers.’