Packagers win brokers’ confidence

Research by Alliance & Leicester for Mortgage Strategy shows that 64% of brokers feel confident using packagers.

The research, which was carried out at the start of December with 207 UK brokers, indicates 30% do not feel confident. 6% remain undecided.

Wayne Smethurst, partner at The Finance Centre, says: “The research is not at all surprising. When Mortgage Day came around, there was a move towards submitting business through lenders. However, some lenders weren’t prepared and their business volumes and service suffered as a result.

“There have also been concerns recently as to whether allowing a lender to cascade a case down their own product range is complaint, whereas a packager can cascade through a variety of lenders.”

Mehrdad Yousefi, head of intermediary mortgages at A&L says: “Packagers still continue to play an important part in the industry, especially in the specialist sector, though not so much in the prime market.”