Mortgage Next provides AR swap allowance

The allowance is to help overcome the financial strain of severing contracts with existing network principles.

Many ARs have found they are effectively being locked-in to their existing networks by onerous contractual terms. ARs are having to work unreasonably long termination periods and potentially face losses on pipeline business and indemnity commissions.

Mortgage Next Network is therefore willing to analyse ARs existing network contracts and provide a disturbance allowance of up to £25,000 per AR, to ensure the transition process does not leave them at a financial disadvantage.

Gemma Harle, managing director of Mortgage Next Network, said: “This is not a ‘golden handshake’ or a bribe to join Mortgage Next, it is an allowance which will be calculated based on each ARs individual circumstances and contractual terms.

“Time and again we come across ARs who are disenchanted with their existing network, but simply cannot afford to break their ties. Our objective is to help ARs disentangle themselves from onerous contractual terms and lock-in clauses.”