Broker Sam Fox has launched Refresh, a new network with a fixed-fee payment model.
Network members pay a set fee of £500 to the network, rather than a percentage of their commission, with the aim of reducing costs for brokers and simplifying the network model.
The network has no tie-in period, so brokers can join and leave without incurring financial penalties, in addition to maintaining 100% of their commission and eliminating minimum targets.
The £500 fee covers the services provided by the network, which will include in-house mentors and a tech ecosystem, including the Acre customer relationship management (CRM) tool.
Fraser Kelly, CEO of Refresh Network, said: “The existing mortgage network model is outdated, we want to modernise, break down tired outdated practices offered to brokers and advise businesses all over the UK.
“We have spent many hours discussing the best way to empower advisers and their businesses, our innovative fixed fee model is the best way to free up advisers and drive real change in the sector.”
Sam Fox, commercial director at Refresh Network and founder of UK Mortgage Centre, said: “Refresh Mortgage Network is a mortgage network created by brokers for brokers – meaning we understand the unique challenges you face on a day-to-day basis.
“For too long we felt that the limitations imposed by traditional mortgage networks created more barriers than there were solutions.
“Not only did it hinder our opportunities but those of our customers too.
“With the Refresh Mortgage Mortgage Network, we want to bring an approach to the industry that you’ve not seen before.”