Steve Royal, founder of network Mortgage Intelligence, is launching a fee-free, sub-prime broker network, Ethical Mortgage Solutions.
The new network is looking to recruit 175 established broking firms willing to concentrate on non-conforming business, while still catering for prime cases. Its deal includes offering exclusive franchise areas tied to postcodes throughout the UK. All franchises will receive equity in the new company.
The network will offer full compliance as brokers become appointed representatives to the main company, together with an advert and PR budget, payment of professional indemnity insurance and FSA membership fees and free sourcing software. The network will also offer a national call centre, handling all consumer calls, which are then emailed or faxed to a local broker.
Steve Royal said: ‘We believe the non-conforming market could be worth over £20bn by 2006. I intend to build Ethical Mortgage Solutions with the help of my 175 broker partners, into the largest consumer broker brand in the market.’