Future Mortgages has departed from its long-standing strategy of selling its mortgages direct to advisers, without the services of a packager.
The non-conforming lender has signed a deal with six packagers, allowing them access to its mortgage portfolio. The companies already use Future’s products on a non-packaged basis.
Brian Pitt, director of sales and marketing at Future Mortgages, said: ‘It is well known that our original distribution strategy concentrated on dealing with IFAs and brokers who wanted to deal direct with their chosen lender. We have been dealing with packagers on a limited basis for a few years, albeit as introducers of business. This latest move allows us to expand our distribution channels, with the aim of dramatically increasing business levels.’
The six packagers are: EM Financial, Midland & General Mortgages, National Guarantee plc, Oryen, Premier Mortgage Packagers and The Finance Centre.
Keith Robinson, managing director of National Guarantee, said: ‘I am delighted we have been chosen by Future as one of the packager partners who will spearhead its assault on the non-conforming market. Future Mortgages has a great name in the industry. We are flattered to be part of the team that helps Future to secure a larger slice of the booming specialist lending sector.’
Working with packagers will form a significant part of Future’s strategy for the year ahead.
Pitt said: ‘We may extend this strategy to other packagers we know well, but we will not be giving out agreements to dozens of companies like some of our competitors have done. It is important to note we are not abandoning our grass roots support of intermediaries who like to deal direct with us.’
Existing brokers will continue to use Future’s Reading office for unpackaged cases, while the packager channel will be serviced from the Sunderland centre, where the company has installed a replica application processing system.