m2-mortgage club has announced the first ever MTE-only exclusive product. While the details of the exclusive deal from the Halifax will be widely available in the market, applications can only be submitted via the Mortgage Trading Exchange facility which is integrated into M2000's Encore sourcing system. This is the first time that an individual product has been promoted specifically in support of this new submission route.
The product is a 2 year stepped-tracker, available for Home Movers and First Time Buyers at an initial pay rate of 4.19%. There is no redemption overhang, no minimum loan and a maximum loan to value of 75%.
Sean Hornsby, Managing Director, Mortgage 2000 commented: "This is a very significant development in m2-mortgage club's relationship with MTE and the lenders who support it, and is a good example of how we're working hard to bring real benefit to those brokers who use us.
"It's an attractive exclusive which earns a competitive introducer fee of 0.3%, but it's launch is far more significant than that. It shows a real desire for the major lenders to work with a distributor that has both the technology to deliver MTE-only services, and the appetite to bring about further changes in the way that brokers deal with them electronically.
"The ability to access online propositions from many lenders in one place is what intermediaries have been asking for, and that's what MTE delivers. The pre-population of application forms from data already collected during Encore's fact-finding and product sourcing stages is an additional massive time-saver. Our MTE facility is available to all of Encore's 7,500 users, most of which are m2-mortgage club members. Given that we would like to see every one of these brokers registered for, and habitually using the trading platform, the time was clearly right for us to launch this MTE-only exclusive."
As more lenders go live on MTE, m2-mortgage club plans to work closely with them in order to deliver many more exclusives.