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Millfield takes Advantage and Solent as its partners

Millfield Partnerships has signed up Advantage and Solent as mortgage packaging partners for its sub-prime specialist lending arm.

The two firms will build and develop MSL and provide Millfield with alternatives to the traditional ways of transacting non-conforming business. Until recently, these have restricted IFAs to dealing through packager or direct-to-lender models.

The branded mortgage arranging will provide access to and delivery of products, resulting in a uniform process from decision in principle through to completion. This will enable the broker to research the market with one Dip form and focus on the technical and commercial aspects of products that their client qualifies for, knowing that any product recommendation can be justified.

Millfield mortgage development director Steve Cox claims the partnership arr-angement provides a best of- breed proposition for adv- isers which will differentiate it from rivals in the sector.

Advantage Home Loans director Keith Dearling says Millfield’s decision to pair the rival firms is a shrewd move that will benefit all parties. He says: “We process about 2.5bn of non-conforming mortgages a year. That is a huge amount of bargaining power at the disposal of Millfield and its advisers.”

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