Under the scheme H3 will have access to SP Mortgage Administration’s lender panel, as well as to the mortgage and general insurance network facilities of its parent (which has already received its MTA letter) to support the broker connections of its packaging arm.
Operations director of SP Mortgage Administration, Nigel Woolhouse, said “Securing distribution is set to become a problem for smaller packagers who operate with only a small lender panel, as lenders look to concentrate on larger packaging organisations that provide economies of scale. This venture enables those packagers to access a wider range of lenders, ensuring that brokers are able to continue to use packagers, whom they trust and have a relationship with, thus protecting their business. Additionally, those brokers who have yet to decide which network to join, will be offered the opportunity to join LifeLink's mortgage and general insurance networks, again helping the franchisee protect its broker base. The provision of network facilities is an integral part of the future development of the LifeLink Group, as well as protecting the broker base of any packager who comes on board as a franchisee.”
SP has also announced that negotiations are under way with a number of other potential franchises.
Neil Moakes, joint MD of H3, said, “We are proud to be associated with such a proactive and forward thinking company. This arrangement with SP Mortgage Services means that we have both been able to expand our lending panels considerably, thus offering our brokers a better range of products. Additionally the network facilities offered by LifeLink are superior to most in the marketplace and we are therefore pleased to offer these to our brokers. H3 is now very well positioned as a medium sized packager and will be looking to introduce more packaging lenders to the panel in the very near future, including the expansion of our ‘direct to lender’ panel”
