A new organisation representing mortgage brokers, The Broker Collective, has launched today to ensure fair treatment for brokers and their clients.
The Broker Collective aims to ensure UK mortgage brokers and their clients are fairly treated and represented.
It refers to itself as an "untrade body" because it is decentralised and powered by practicing brokers.
Speaking on the launch, one member of the collective, Riz Malik, said that, in launching the organisation, the motivation was to ensure clients and mortgage brokers are treated fairly by lenders.
The collective’s inaugural campaign is the #24hourpledge which calls on all lenders to pledge to provide a minimum notice of 24 hours before discontinuing any mortgage product.
The pledge also asks lenders to give this advanced notice through multiple channels to “reach every broker”, and to commit to working collaboratively with brokers to minimise any disruption.
The collective has committed to periodically review the pledge in consultation with lenders to “ensure its effectiveness” and make any necessary adjustments that can further enhance the relationships and trust among all parties.
Malik detailed that, in trying to get people to commit to the pledge, the organisation will be calling for 12 lenders of different sizes and with different financial models to attend a digital roundtable, to discuss the issue.
“We will be in touch with those lenders in the days ahead and will publish the conversation on social media for all brokers to see," he said.
The collective does not have a membership fee as it will be powered by its practicing broker members and operate only when it feels it needs to.
tom.dunstan@ft.com
