Tranche sums are not being disclosed in the cause of commercial privacy. But Money Partners said that while they are relatively modest compared with pre-credit crunch levels of lending, they reflect the market’s present appetite for the funding of specialist mortgages.
Also effective from today until further notice, all other accredited introducers will no longer be able to submit applications direct to Money Partners or through Money Partners Touch, the lender’s direct-to-broker channel.
Going forward, when wishing to quote Money Partners’ products, they will be invited to select a distribution partner from among the panel introducers with access to lending tranches. The process is automated via MoneyPort, the lender’s broker website, and subsequent applications can be submitted to Money Partners via the chosen partner.
Money Partners said it hopes to reopen its direct product offering to all accredited introducers when conditions allow.
Money Partners has also launched a revised range of mortgage products to coincide with the change in distribution strategy.
The new products include the following key features:
• Five new risk grades – Near Prime Plus / Near Prime / Lite Plus / Lite / Flexi
• Introduction of an automated credit score to all business
• Increased rates for two- and three-year fixed and discount products
• Changes to self-certification and buy-to-let loadings
• Revised LTV and maximum advance caps
• Additional criteria requirements on new-build properties
Commenting on the changes, Martin Gilsenan, sales director at Money Partners, said: “Limiting distribution is never an easy decision for lenders whose success relies on intermediaries. But we cannot ignore market realities and the restrictions they impose on us. Through careful management of the limited funds at our disposal, we can achieve the distribution we need while delivering high service standards. It also means continued access to competitive specialist products for all our introducer partners. In a market that has undergone sudden and painful change, this is a positive development.”
