Nigel Payne, managing director of BM Solutions is set to reclaim his title as “friend to the packager,” by boosting proc fees and launching an exclusive product range for packagers.
Some packagers feared morphing The Mortgage Business brand into the BM one would spell the end for packager friendly products.
Products such as TMB’s House to House and self-build range were offered by BM Solutions but with lower proc fees.
Payne is now looking to launch new buy-to-let and self-cert ranges at the end of September, early October and promises that packagers will be a lot happier with the fees on offer.
He says: “When TMB moved across to BM it reduced proc fees for packagers at a time when they needed them the most. We are speaking to the key packagers and packager associations about new exclusives and asking for their input.
“The proc fees will be a lot better, but still not quite as high at those at TMB, and not available to all packagers.”
Payne is still designing the products and says it is too early to give details of what the products will look like.
Roger Morris, managing director at em-financial says lender confidence is starting to return to the packager market with a growing number of lenders launching exclusives through packagers.
He says: “I trust and believe in Nigel to come up with a proposition that will help and move forward the packager market. The fact that he is going to increase our proc fee for this is even better. Optimism is starting to return to the market.”