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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.”

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