Refresh Mortgage Network has launched a new broker combination with a flat fee model.

Its members pay £500 a month to the network, rather than a percentage of their commission, aiming to cut broker costs.

The firm adds that there will be no tie-in periods, giving intermediaries the flexibility to leave, without financial penalties.

The network has been set up by co-founders chief executive Fraser Kelly and commercial director Sam Fox.

Kelly has founded or co-founded several businesses, including Giving Mortgages and digital legal services agency TSL Media.

Fox has worked as a broker for a decade and has also founded several firms, including UK Mortgage Centre.

Fox says the £500 a month fee covers services provided by the network, such as in-house mentors and tech services, including the Acre customer relationship management tool.

It will also offer access to whole-of-market mortgage products through a panel of lenders.

The business says the Financial Conduct Authority has approved the model, which plans to officially launch in September.

But it has begun taking on members, with one appointed representative business approved and another in application.

Fox adds that around five firms are going through its application pipeline.

He adds: “We want this to be a simple space aimed at growing appointed representative firms that give them the flexibility to develop.”