A technology-based network for whole of market advisers is cutting charges for mortgage-only firms by 50%.
Virtual Net will now charge a base level of £50 and 5.99% of adviser turnover.
As well as this pricing, new members have the ability to negotiate further reductions based on their closeness to the compliance supervisor, track history of good compliance, professional qualifications and other factors.
"The main objective is to grow the mortgage network member numbers to attract 150 firms over the next 2-3 years and build a quality mortgage network that we can all be proud of," says Bill Dudgeon, head of lending services at Virtual Net.
"We have worked hard to build on the strengths of Virtual Net and launch a new market-leading proposition for mortgage firms."
He adds: "Our daily commission payments are already proving very attractive for firms that want to be in control of their cash flow. And with our leading procuration fees and other services such as a wide protection and General Insurance panel we have everything in place."IFAonline
Clarke replacing Balkham
'Deep-dive analysis of client behaviour'
Ways to mitigate April’s increases
The best equity income funds examined