Eddie Smith, operations director at AMPD, reported several lenders, including Mortgage Express, Accord and UCB, had approached the alliance in the last month. He suspected lenders were fighting to achieve the volumes they wanted and were coming to packagers for distribution
.
Smith said: “I suspect their distribution is suffering because of competition. Lenders like Mortgage Express have steered clear of packagers in the past because it’s cheaper to go direct. Yet, we control £3.5 billion in completions and lenders are waking up to a market that should be investigated. Now many lenders are courting us
.”
Adrian Scott, director of mortgage distribution at Mortgage Express, said: “We’ve got some strong relationships with packagers and we’re looking to broaden that. Packagers are becoming more important in buy-to-let as the product offering is becoming ever more complex and is not well served by sourcing systems.”
