Non-conforming lender Future Mortgages is doing business through packagers for the first time to extend its distribution channels in a bid to increase its market share.
It has selected six packagers, EM Financial, Midland and General Mortgages, National Guarantee, Oryen, Premier Mortgage Packagers and the Finance Centre. It will also continue to deal directly through IFAs and brokers.
Procuration fee payments will be the same to brokers whether they do business directly or through packagers. The fee is 0.75 per cent of the loan amount.