Lenders continue to cut packager panels

Lenders are continuing to cut their packager panels, in a bid to control distribution.

Bristol & West Mortgage and Accord are the latest lenders to condense their packager panels, becuase of market conditions.

Mark Howell, head of marketing at Bristol & West Mortgages says it is always looking at market conditions and because of this is knocked a few packagers off its panel.

He says: “We have had a small number of packagers that we have mutually agreed to take off the panel over the past month, but we are still dealing with over 30 packagers. We have no deliberate strategy when it comes to packagers.”

Ian Smith, sales director at Accord Mortgages says it has also had to adapt to market conditions and has made cuts to its packager panel, as it no longer does the volumes of sub-prime business that it used to.