View more on these topics

Packagers create their own lender

The Professional Mortgage Packagers Alliance is launching its own lender, Unity Homeloans, amid concerns that lenders are sidestepping packagers in favour of intermediary and direct sales.

The PMPA says it is not seeking to replace existing lender relationships but is looking at ways of controlling and securing distribution with the launch.

Unity will initially offer a sub-prime range exclusively to the PMPA’s 22 members with backing from Investec Bank UK. It is looking at complementing this with a prime range next year and will consider extending its offering beyond PMPA members if volumes allow.

Representatives of BDS Mortgage Group, All Types of Mortgages, Complete Mortgage and Loan Services and Amity Mortgages will make up the board of directors along with Investec. Former PMPA chairman Ian Nelson will be chief executive.

PMPA director Vic Jannels says: “We are looking to complement not compete with existing lenders.

“Packagers’ volumes of business might have taken a dip in the era of Michael Bolton at BM Solutions but I believe we are currently enjoying a renaissance.”

Hamptons International Mortgages managing director Kevin Duffy says: “This is as much a defensive as an offensive gesture.

“There is an agenda in the industry to circumnavigate packagers. But to get Investec backing this very sensible strategy is certainly a feather in their cap.”


Relying on family advice can be costly

Research from stockbroker Brewin Dolphin shows 53 per cent of people who invested in a unit trust over the past five years consulted an IFA and 77 per cent were satisfied or very satisfied with its performance. Out of the 31 per cent of investors who turned to friends, family and colleagues, or the 37 […]

F&C’s green team act on bird flu drug

F&C’s socially-responsible team has asked a maker of the anti-bird flu drug to consider its licensing position to allow other companies to make the drug. The threat of a bird flu pandemic has led to large-scale buying of anti-flu drug Tamiflu, raising the share price of Swiss maker Roche to record levels. But Roche faces […]

Director changes at Preferred Mortgages

Preferred Mortgages appoints director of sales and marketing and director of operations with immediate affect.John Webster, joint managing director, has decided to leave the company to pursue other opportunities while joint managing director George Patellis is leaving to return to America.Head of sales Roger Taylor becomes director of sales and marketing and chief operating officer […]

‘Misys would be better off if it ditched Sesame’

Misys’ stockmarket value would be increased by offloading Sesame for almost any price, according to analysts. Bell Lawrie small cap analyst Ian McArthur says he agrees with the sentiment of a recent Cazenove report which has been reported as suggesting Misys stock would be boosted by ditching the IFA network for a nominal fee. McArthur […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm