Promise takes on packager role amid warning seconds firms must adapt

The news comes on the back of Promise Solutions’ recent appointment to the panel of network Personal Touch Financial Services (PTFS).

Walker (pictured) said: “The PTFS [deal] is a bit unusual in that we are acting as packagers for the network and the network are giving advice themselves. A lot of other networks go for a straightforward referral route.”

He added: “I expect to see, over the coming year, movements in the market as networks and brokers get to grips with the process they want for secured loans. Master brokers, packagers call us what you will, need to adapt their models to reflect that.”

Vikki Jefferies, mortgage proposition manager at PTFS, said: “Promise Solutions offers a wide panel of lenders, which provides a fantastic selection of solutions for customers, allowing our advisers to maintain their independent status and offer a market-leading proposition.”

Under the Mortgage Credit Directive, which came into play on March 21, mortgage brokers are required to inform clients looking to raise capital that a second charge loan could be a suitable option.