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Do you expect to see less or more second charge mortgage lenders in 2018?

New network of advisers to revolutionise broker payments

Martin Stewart

London Money director Martin Stewart (pictured above) has announced plans to change the way brokers are paid with the launch of a new alliance for mortgage advisers.

Set to open its doors in the next four to six weeks, Adviser Alliance will charge members an annual fee rather than taking a percentage of brokers’ proc fees.

Speaking exclusively to Loan Talk, Martin said the alliance was designed to give power back to smaller brokers, such as those who are directly authorised, without interfering in their business.

“The problem with the broker market is that it’s very fragmented, disparate and there’s no cohesion to it at all,” he explained.

“It does feel sometimes as brokers that we’re very subservient to the market and we’re dictated to by the market and we’re told to do what the market says.

“Whether you’re a one-man band or a 500-man network, you should be treated the same by lenders and the industry as a whole.”

Martin will be joined in the alliance by fellow co-founders Phil Young, managing director of Threesixty Services, and Phillip Bray, founder and director at the Yardstick Agency.

Membership will initially be capped at 250 and around 150 brokers have already expressed their interest, including a well-known first and second charge master brokerage.

Martin claimed the alliance would be the sixth largest network in the UK once full, ultimately enabling brokers to help shape the industry as a collective body.

“We’re not reinventing the wheel here.

“It shouldn’t be too hard for banks to come up with a system that pays the broker more efficiently.

“We’re living in a very populist era, so if we can change governments, then we can change industries as well.

“In six months’ time we’ll have a foothold … And then the industry will have to listen to us.”

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