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Business boost for multi-lender clubs

The proportion of business submitted through multi-lender mortgage clubs and packagers has jumped by 10 per cent in the last year, according to research from the Intermediary Mortgage Lenders&#39 Association.

In March this year, the amount of business placed through mortgage clubs rose to 49.4 per cent from 39.9 per cent last March and 35 per cent in June 2001.

The research reveals that the most popular mortgage clubs or packagers were Prudential&#39s Mortgage Club with a 29 per cent share of this intermediary market and Legal & General which was used by 28 per cent.

Prudential has enjoyed an increase in usage of 5 per cent since March 2002.

Other firms have not fared so well, with business placed through packagers Mortgage 2000 down by 4.4 per cent to 9.1 per cent market share. Business placed through The Mortgage Operation was down by 4.9 per cent to 8.3 per cent and through Pink Home Loans by 2.2 per cent to 8.2 per cent.

However, mortgage intermediaries are upbeat with regard to the future of multi-lender organisations, with 41 per cent saying their usage will increase over the next year and one in 10 saying that it will increase a lot.

Only 6 per cent of intermediaries expect usage to decrease and 3.5 per cent expect it to decrease a lot.

Imla chairman John Heron says: “In the past, lenders have preferred to deal directly, with no third party involved. These results reveal that mortgage firms are getting used to the benefits of dealing with packager firms.”

“This looks like good news for those in the packager industry. It should have a real impact on the distribution strategies of mortgage lenders.”


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