Network failures benefit Vesta

Vesta Packaging has attributed its 32% rise in sales over the five months to the end of November in part to appointed representatives becoming disillusioned with networks, which they feel are too expensive and restrictive.

The company’s packaging plus scheme allows brokers to hand mortgage case contact details to Vesta. It then performs the rest of the process, including all compliance work.

Mark Leaper, manager director of Vesta, says: “The ARs we speak to say they have lost control and think networks have become manipulative and restrictive. And, to cap it all, some networks are withholding proc fee payments to try to prevent their ARs from leaving.

“We have lots of customers who have resigned from networks because of this and have decided to stick to what they do best – service clients’ needs.”

He adds: “Networks had their window of opportunity and most of them have blown it. The models they have put in place have failed to energise brokers who are rebelling against what they realise is an unnecessary burden.”

Vesta has also revealed it has added Amber Homeloans to its panel of lenders, bringing the total number of lenders on its panel to 24.