Lighthouse Group has launched a satellite packager in partnership with The Mortgages Times Group that it says has the potential to become a rival packager in its own right.
The new packager, Lighthouse Packing, will offer inhouse packaging services for specialist and sub-prime applications.
Lighthouse Group, an independent financial adviser group, says growth in its mortgage operations prompted the move.
It hopes the new proposition will help it to expand its mortgage business further.
Lighthouse already has 300 mortgage advisers on its books and plans to introduce over £1bn in business to len-ders every year.
Mark Evans, mortgage director at Lighthouse Group, says: “If the packaging proposition is successful, it eventually could become an autonomous business.
“Lighthouse Packaging will originally be launched to the IFAs in our group, but if it works out we hope to expand it and offer our own exclusive products.”
He adds: “Our mortgage business has grown significantly and we will continue to add to it.”
Initially, Lighthouse Packaging will be tied in as a satellite packager of Mortgage Times.
Chris May, director of Mortgage Times, says: “The link-up will enable Lighthouse’s growing mortgage proposition to exclusively use our products and services while using its existing distribution channels.
“This will be of great benefit to both parties.”