The lender has launched the deal as part of a drive to improve its products and service.
The £300 cashback exclusive will be available to all heavy adverse and unlimited mortgage applications submitted by intermediaries via packagers.
The cashback will then be paid directly to borrowers within 10 days of completion.
Announcing the initiative, Pete Thomson, sales director at Mortgages plc, said: “Mortgages plc has always been a lender that supports the packager community. This deal not only acknowledges the importance of the relationship which exists between Mortgages plc and its key distributors, but it also provides their introducers with a very tangible benefit which is passed directly to their clients.”
Andy Pratt, chief operations officer at Alexander Hall, welcomed the scheme and admitted it would appeal to intermediaries and packagers.
He said: “If a lender is looking to incentivise business by encouraging brokers to use the packager route, £300 will always be of interest to intermediaries as it will help them to secure deals. This is good for the packaging market.”
