You are here: Home - News -

Opus responds to industry critics with telegraphic transfer payments

  • 01/07/2003
  • 0
Glasgow-based packager, Opus Mortgages, has become the first in the UK to offer mortgage interm...

Glasgow-based packager, Opus Mortgages, has become the first in the UK to offer mortgage intermediaries access to a guaranteed commission payment scheme. The Intermediary Guarantee Scheme (IGS), developed by Opus over the past six months, pays out all commission payments due to intermediaries by telegraphic transfer through the offices of solicitors Goldsmith Williams.

Lockhart Bruce, finance and marketing director at Opus Mortgages, said: ‘This is something we have been looking at for a while, but recently we have seen broker comments in the press about not getting paid and about companies going bust leaving brokers unpaid. We had been looking at telegraphic transfer for speed, mainly as a marketing tool to be honest. We wanted one of the fastest payouts in the market, and then we found we could guarantee it with Goldsmith Williams.’

Initially, IGS will be available to advisers who sell Opus’s new range of specialist Open Door adverse re-mortgages, funded by Mortgages plc. Bruce said: ‘We want to expand the guarantee and intend to extend it out to the rest of our ranges. This is a pilot to make sure that it works well, and we wanted to release it alongside new products to the market.’ At present, payment goes directly from Mortgage plc to the solicitors, but Opus admit that this may not always be the case as the scheme rolls out and a bond may be necessary.

Bruce added: ‘We believe all companies that work with intermediaries should be in a position to offer a guarantee about the payment of commissions.’

Commenting, Andy Wilgoss, managing director of Square Mile Mortgages, said: ‘This is both a good bit of PR and an element of protection for small brokers who may be reliant on packagers for access to products. The peace of mind of being paid, irrespective of what happens to the lender, can only be a good thing. All things being equal it could make some brokers consider using one provider over another.’


There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.


Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.


Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.


Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
  • RT @robjupp: Great day yesterday for donations to @MortSleepOut. With Gift Aid, we are now close to £17,000. It would be great to get to £2…

Read previous post:
Making the first move

With first-time buyers dwindling, the buy-to-let market is set for another phase of growth and brokers should not fight shy...