The big providers in the specialist sector, and I include buy to let in that group, have been Precise Mortgages and Kent Reliance. Nearly all packagers will have these two innovative lenders at the top of their volume offerings and we are grateful they have led the way in products, service and relationships.
New entrants have made a huge impact with Foundation Home Loans, Axis Bank, Pepper Homeloans, and Skipton International all launching fantastic product offerings and all have looked at niche markets in which to ply their trade.
We’ve seen a massive increase in appetite from the building societies. As the credit scoring era increases, more and more customers are failing according to the score cards. The building societies are lapping up the straightforward cases and also taking a decent look at much more complex deals. I applaud them for the fantastic leap forward they have all made.
Sadly, we have said goodbye to the GE Money brand. What a great lender it has been and if it hadn’t been lending between 2007 and 2011, who knows where the packager sector might have ended up. I wish all their personnel well for the future.
Here at AToM, we think that 2016 will be a boom year in the specialist lending arena and for mortgage brokers as a whole. Consumers are becoming fed up with the hours they have to spend in bank branches whilst trying to obtain mortgage finance. The Mortgage Credit Directive will increase the confusion and I predict a further increase to the intermediary share of the mortgage market place. Lenders all want to increase lending and this desire will provide a larger requirement for specialists, both lender and adviser. In addition, as new lenders launch into the market place, they will need quick distribution and mortgage process support.
Historically, commentators predicted that packagers would not survive. Thankfully, they have been proven totally wrong. Lenders are putting onsite underwriters in our offices, providing niche products and projects already underway for 2016 will further enhance our offerings. We look forward to continuing to provide a quality service, access to specialist lenders and, more importantly, exclusive niche products.
Finally, all the staff at AToM wish you and yours a very merry Christmas, a peaceful new year and we look forward to working with you all in 2016.