BM Solutions managing director Nigel Payne has vowed to win packagers round to HBOS’s remaining specialist lender.
HBOS revealed last week that The Mortgage Business, formerly headed by Payne, will stop accepting new business from Friday.
Payne says he is confident that the BM brand will be a favourite with packagers in the same way that TMB once was.
He says: “Packagers have always been wary of BM Solutions but I am not worried. We will continue to work hard with them and there are lots of different options for us.
“I aim to develop the brand further. It is my top priority to ensure that we continue to deliver the very best poss- ible service to our brokers and distributors.”
BM Solutions will absorb TMB’s House2House and self-build products and will become the group’s primary packager lender.
Em Financial managing director Roger Morris says: “BM has been looking for a big personality since Michael Bolton left and I think it has the right man in Nigel. With him at the helm, packagers will have a new sense of trust in BM.
“Nigel made TMB one of the best customer service providers in the packaging sector. I am sure he will do the same at BM.”
Premier Mortgage Service managing director John Malone thinks the HBOS move will be profitable for intermed- iaries. He says: “BM has worked exceptionally well already with its packager proposition and hopefully proc fees will not be as rigid as TMB’s once were.”
Mortgages.co.uk director Kevin Friend says: “It was crucial that Payne stayed at HBOS. He has the experience and, more important, he has the ear of those who matter at the group.
“Payne is a supporter of the packager model and he will continue to support packagers but I do not think the old model offers the same value as it once did. I think Payne will recognise this and go down the same path as Kensington and Platform, only dealing with those packagers that have recognised that compliance distribution is now key.”