The Adviser Alliance is the brainchild of Martin Stewart, director of broker London Money. He told Mortgage Solutions that there have been a number of conversations with lenders about the new mortgage club, on both a formal and informal basis, ahead of its official launch later this month.
He added: “We need 250 members and we are very nearly there at which point we will cap membership in order to ensure the service is not compromised and we adequately bed-in the offering.”
Stewart said that this was a “line in the sand” moment for the industry, arguing there is nothing that a group of like-minded mortgage advisers cannot achieve.
He continued: “This is about bringing those people together and collectively asking for a seat at the table and a say in how the mortgage industry is run. I am not a lone wolf in thinking like this. This has only come about because a large number of brokers, regardless of how they are authorised, have collectively raised their frustrations to me.”
Stewart argued that mortgage clubs have played a “very important part” in the development of the mortgage market we see today, but questioned whether they have really evolved over the last 15 years.
He continued: “There is room for a new mortgage club initiative, one that has stripped out its costs and as a result will return that money to the broker. If we can reinvent the model to one that is fairer to the adviser whilst not compromising the lender then it should be embraced and supported by the wider industry.”