JEREZ 2006: Lenders back packagers

Lenders have got behind packagers and say there is still a role for them in the market.

Speaking at the Mortgage Summit in Jerez on June 21, Charles Haresnape, managing director of mortgages at Bank of Scotland, says although there is still room for improvement in some packagers, the good ones will develop rather than consolidate.

He adds that packagers must change and adapt to the market otherwise they run the risk of brokers increasingly going direct to lenders.

Tim Hague, director of BM Solutions, agrees that claims that packagers are doomed are getting boring and says so long as the sub-prime market continues to grow, there will be a place for packagers within it.