98% of intermediaries are already qualified
According to research from Genesis Approved, 98% of its intermediary members are either qualified or expect to be by the new year.
The results also show many intermediaries have not yet decided their status under regulation. Most feel they will be directly authorised by the Financial Services Authority and will carry on in the same way as under the Mortgage Code Compliance Board. Only 3% are considering the non-regulated market and 11% a network solution.
Mortgage Next to offer free legal fees
Mortgage Next has announced it is offering free legal fees on sub-prime mortgage applications for a limited period.
These will apply to selected products for packaged applications received during December and January. It will affect remortgage applications with a minimum loan size of £100,000 and schemes where the introducer receives a 1% procuration fee.
Best Advice to launch mortgage network
Best Advice has launched a scheme to provide intermediaries with free mortgage leads if they submit two applications to its new network by the end of January 2003.
This will mark the beginning of the January launch of the Best Advice mortgage network. Once they have submitted two or more applications to the network, intermediaries will receive eight free mortgage leads. Best Advice plan to continue this offer until the end of 2003 working alongside Zurich and distributing exclusive products via them.
Mortgage Business widens self-cert criteria
The Mortgage Business (TMB) has widened the criteria on the range of self-certification products available through Pink Home Loans.
Improvements have been made to the criteria allowing more borrowers to take advantage of self-certification products funded by TMB.
Tony Jones, managing director at Pink Home loans commented ‘Self-cert mortgages are on the increase due to the changes taking place in the employment market and, with new working patterns emerging, the needs of borrowers are consequently evolving.