New mortgage club Adviser Alliance is welcoming broker applications from today.
London Money Group’s new mortgage club is charging £300 to be part of the club for the first six months, with the initial membership being limited to 250 brokers.
The subscription-based model is designed to provide an alternative to clubs taking a cut of proc fees.
Martin Stewart, director of London Money, 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 need brokers to get behind it, support the change we are promoting and work together to challenge the status quo.”
Due diligence on brokers will be undertaken in June before a commencement date between late June and early July.
The club will promote transparent pricing and fair product access for all brokers.
The group said the mortgage club’s offering will be extended over time to help brokers improve their businesses.