Future denies packager cut

Future Mortgages says it has no plans to scale down its packager panel, or stop its distribution through satellite packagers.

It was rumoured that the lender was planning to scale down the number of packagers on its panel.

However, a spokesman for Future confirmed that it has no plans at the moment to make such a cut.

A number of lenders have cut down their packager panels in the last month in order to control distribution, while others have openly come out and said they will no longer use satellite packagers.

Roger Morris, managing director at em-financial would like to see more lenders turn their backs on satellite packagers.

He says: “Lenders have only got so much to lend and they are picking the biggest and the best packagers. My biggest worry is that satellite packagers on a local level are conducting valuations with local valuers, with a risk of valuation manipulation, which doesn’t happen when you have them conducted on a national level. Satellite packagers are a big liability, when the market returns I believe that a lot more lenders will have to say that they won’t deal with satellites.”