Distributor Mortgage Next is to expand its regional lending base, and is in talks with the Dunfermline Building Society as well as looking at possible partnerships with Northern Irish lenders.
In the run up to regulation, Mortgage Next wants its panel to be as representative as possible, offering smaller regional brokers lenders that specialise in their area who can cater for their needs. Martin Maynard, managing director of Mortgage Next, said: ‘If the panel is representative, appointed representatives can call themselves independent. We are also looking at a solution for network members to go off panel. ‘
As part of its drive to deal with more diverse lenders, Mortgage Next has added Staffordshire Building Society and Capital Home Loans to its panel of lenders, taking it to 28 in total.
Mortgage Next is also in the process of developing a network solution for intermediaries as they face incoming regulation, and has seen projected member numbers rise from 250 to 500 over recent months. Maynard said this figure may rise further, as he thought there would be a dearth of principals to house those intermediaries who will not become tied agents or directly authorised, under the Financial Services Authority come Mortgage Day.
To promote its network solution and assess intermediary views, Mortgage Next is holding a series of 15 road shows in September and October.