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I do not know if any of you are aware of this initiative that we are trying to get off the ground so i may as well assume not and post some details here.
I believe there is a different way to approach the issue of mortgage clubs and that is to charge an annual fee to the club member. Provided those fees are enough to cover the basic running of the club then we can give all the procuration fee stated on the KFI back to the broker.
We lose on average 9% of the proc fee to the clubs and we take care of our own compliance and marketing, dont attend dinners/lunches etc so we have always struggled to see the value.
As it stands we have around 110 brokers who have expressed an interest and I am looking to possibly cap this at 200 for the first year.
This would suit DA brokers better and possibly the one man band/ small brokerages who have very little voice in the industry - for now.
Here is a link to the story in Mortgage Strategy and please feel free to drop me a line at Martin@london-money.co.uk if you are interesed:
https://www.mortgagestrategy.co.uk/new-not-profit-mortgage-club-eyes-launch/
