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Mortgage club launch seeks to shake-up market

Mortgage club launch seeks to shake-up market

A mortgage club will launch today, with the aim of giving firms greater power in their relationship with lenders.

The Adviser Alliance has opened for applications this morning (31 May) and due diligence on brokers who register will be carried out during June.

Commencement dates are expected to be in late June or early July.

The cost of membership is £300 for the first six months and initially membership will be capped at 250 individual brokers

The Adviser Alliance will initially focus on two aims: providing the maximum permitted procuration fee to its members and offering an enhanced profit share.

The latter will be achieved with a low-cost, subscription-based business model.

It is the brainchild of London Money director Martin Stewart, Phil Bray of the Yardstick Agency and Phil Young, managing director of Threesixty Services.

Mr Stewart said: ““I’m excited that brokers will now have a truly different option for placing their mortgage business.

“This isn’t just another ‘me too’ business; the subscription model, focused initially on delivering the maximum possible procuration fee, plus a market leading profit share, is truly unique; it has never been done before.

“Frankly, there are times when I doubted that this day would come, but it finally has, and I’m delighted.

“We now needs brokers to get behind it, support the change we are promoting and work together to challenge the status quo.”

He said that over time, The Adviser Alliance would extend its offering to deliver a range of other services.

Last week it was announced that the mortgage club had partnered with Brilliant Solutions, a direct-to-lender mortgage club and specialist packaging business, to provide its operational support.

Brokers can register for The Adviser Alliance by visiting adviser-alliance.co.uk

damian.fantato@ft.com

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