Largemortgageloans.com set to sew up distribution
The broker specialises in arranging high value mortgages and has exclusive contracts with several private banks and investors that offer an alternative source of funding specifically for this end of the market.
After announcing a referral contract with Legal & General mortgage club earlier this week, Largemortgageloans.com managing director, Paul Welch, has confirmed his firm is in final stage due diligence with a further seven distribution networks.
Intrinsic is due to announce a deal next week and the contract terms are agreed though launch dates are still pending with Positive Solutions, Mortgage Promotions, Homeloan Partnership and Brilliant Mortgages.
Both Sesame and Mortgage Intelligence are currently going through due diligence with Largemortgageloans.com and are expected to announce deals in early February.
PMS, L&G Mortgage Club, TMA Mortgage Club, Paradigm, SimplyBiz, Openwork, Personal Touch Financial Services, Countrywide and Bluefin have all signed contracts already.
Welch said: “With ten major financial adviser networks now members of the Partnership Programme there is almost complete market coverage of large mortgage loans in the UK via just one distribution vehicle.
“The networks, mortgage brokers, IFAs, estate agents, accountants and solicitors that make up the Largemortgageloans.com Partnership Programme give private banks unparalleled access to high net worth clients that require large mortgage loans to finance their purchase of UK property. Such clients generally need the wealth management services of a private bank in addition to their extensive borrowing requirements.”
Brokers referring clients split the earned proc fee 50:50 with Largemortgageloans.com, which Welch says is committed to never cross-selling.
“We’re not greedy about this – the introducer still owns the client relationship. We are looking to make sure all parties benefit by placing specialist deals that haven’t been placed in the past,” he said.