The scheme will offer firms £1,500 per month for three months to pass on to newly-authorised brokers.
Just Mortgages added that as completion timescales were currently longer in the current market, the scheme would not need to be repaid for six months, which would allow the broker to build up their business.
The above is in addition to the current commission advance scheme where self-employed brokers can get £2,000 for the first three months.
The broker said that this would allow principal firms to grow their businesses and recognised the challenges in “earning from a pipeline” in the first few months.
‘Taking the step to independence’
Carl Parker, national director of the Just Mortgages self-employed division, said: “We have worked hard to put in place everything a broker needs to prosper in a new self-employed role.
“The existing commission advance scheme has provided a lifeline for those brokers taking the step to independence as a self-employed broker and so we’re delighted to launch this new initiative for principal firms.”
He continued that more principal firms were looking to recruit “top quality brokers” and those moving from employed to self-employed income had an “inevitable gap before commissions are paid”.
“This scheme allows firms to welcome new brokers with commission paid in advanced to help smooth the transition to their new, successful career as a self-employed broker. There are of course certain conditions that must be met to qualify but these are realistic and achievable,” Parker noted.
