Loanoptions.co.uk has highlighted the danger of dealing with secured loan packagers with limited lender panels.
This comes after both SPPL and Kensington have temporarily pulled out of the secured loans market.
Managing director Andy Moody says: “While it is a shame to see any lender exit the market, intermediaries need to look carefully at whether their current access to lenders gives them enough latitude particularly when a lender exits the market or makes big changes to criteria. With the danger that other lenders could pull out or restrict their lending, it is in intermediaries’ best interest to work with packagers like Loanoptions.co.uk, which can offer the widest range of lenders. “
He adds: “Apart from the obvious best advice implications, dealing with a packager offering a true whole of market lender panel means that there are other lending choices in the event that another SPPL exit happens.”