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AToM calls for more packager partnerships

Mortgage packager All Types of Mortgages has called on the ailing packager industry to either unite or look to alternative investment in bid for the sector to survive.

The packager says a continuing lack of confidence from the general public and a lack of products from lenders might mean that the best way for many packagers to survive may be through joining forces with, or seeking inward investment from, business partnerships.

Recently, PT Packaging merged with Savills to become Savills Lending Solutions and Solent was saved by investment from the Phoenix Group.

AToM chairman Vic Jannels says: “Suitable partnership opportunities probably do exist between companies not yet talking to each other.

“And why not? If one partner can deliver a customer base and the other valuable in-house administration and product accessibility, then both can be winners.”

Jannels admits that the packager, in historic terms, is a thing of the past and that his industry must widen its offering and distribution if is to attract paying lenders.

He says: “Most packagers have already scaled back staffing numbers and mothballed some activities in order to tough it out until the mortgage market frees up.

“Inward investment in distributor firms will need to be undertaken on a medium to long term basis. There will need to be a mutual willingness to accept and share in both risk and reward over the next year or so. A combination of experience, expertise and a sound capital base is surely the best way of ultimately delivering good rewards to all stakeholders.”

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