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Advantage to run network for packagers

Sub-prime packager Advantage Mortgage Services is starting a national network for mortgage packagers.

The network will provide a range of products for members along with mortgage processing software and a training and development programme.

Advantage has already signed up one packager, Derby-based Future Finance, and hopes that 50 others will join. It says it has 20 further possibilities lined up but it will be very selective about which ones it takes on.

It says it has lent £500m this year compared with just under £250m last year. It has 100 staff and hopes to double its capacity in the next two years.

Co-founder and director Keith Dearling says: “Unlike other networks which are purely product-driven, the Advantage Packager Network will provide a comprehensive range of services. We are looking to bring our high quality service, systems and reputation to the network.”

Head of sales Pete Bass says: “We recognise that in order for a packager to survive and prosper in the future, they will need a wider range of products and support than currently exists in the marketplace today.”

Mortgage plc sales and marketing director Peter Beaumont says: “Advantage has unparalleled rates of conversion. No other company in the market can boast their extraordinary rate of applications going to offer. Over 90 per cent of the business we receive from Advantage goes though to offer.”

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