The incentive scheme has been launched to reward existing ARs if they recruit another firm of three or more advisers into the network. Mortgage Next is also paying £500 if smaller broker firms with one or two advisers recruited.
Commenting on the ‘find a friend’ incentive scheme, Justine Tomlinson, marketing director at Mortage Next, said: “Although member-get-member schemes have been around for some time, we hope the reward on offer will encourage existing appointed representatives to spread the good word about Mortgage Next.
“We also acknowledge that talking to prospective members about the benefits Mortgage Next has to offer is not a two-minute exercise. We therefore believe it is only right that ARs are properly rewarded for their efforts. We certainly wouldn’t expect them to give up a significant portion of their valuable time to talk about Mortgage Next without receiving some form of remuneration.”
Tony Payne, principal at Berkeley St James, said: “This is very much an incentive we would use. Since we joined up to Mortgage Next, we have introduced a number of people to the network. We are very supportive of it and have no hesitation in recommending it to other intermediaries. The people there are very knowledgeable and efficient and have helped us to manage our business. We find it better to be under a network because of the support we receive. It is nice to be part of a team and to receive feedback on our work.”
Mortgage Next has also added an online cost comparison calculator to its website, which enables member ARs to compare the cost of mortgage networks. An analysis of the results produced from the calculator show that AR firms could typically save around £464 a month by switching to another mortgage network.
