Mortgage packagers exist to provide solutions for advisers on cases they deal with on an infrequent basis, and so can give you the tools you need to make the most of every lead.
Packagers have been around for as long as the specialist market. At 3mc we are celebrating our 24th year of business in 2020 and we have worked with thousands of advisers through multiple market cycles. The sector is also bigger than you might think. We handled in excess of £2bn worth of specialist mortgage enquiries at 3mc last year and we are just one packager.
So why are so many advisers choosing to work with a packager?
For packagers, specialist lending is our mainstream. We deal with specialist lenders on a volume basis and this means that we are full-time experts.
In addition to expertise, packagers can provide you with access to lenders and criteria that are not available direct to advisers. A lot of new lenders entering the market at the moment are only available through packagers and many established lenders choose to distribute some of their most in-demand deals through packagers as this provides them greater control over the volume they lend on these popular products.
A good example of this is Kensington, which will only lend up to a maximum of 90% LTV through its core range but makes its products available up to 95% LTV through its packager partners.
See how we compare
|Lender Name||via Lender||via 3mc|
|Kensington Mortgages||Mortgage Release Range not available||Mortgage Release Range available|
|Dudley Building Society||Self-Build discount for term product||0.80% cheaper|
|Bluestone Mortgages||Discharged Bankrupts considered after 3 years||Discharged Bankrupts considered after 1 year|
|Bluestone Mortgages||IVA’s considered after 3 years||IVA’s can be current cleared on completion|
|Precise Mortgages||2 year fixed DMP Range||Up to -0.80% cheaper + £500 reduced lender fee on some tiers|
|Dudley Building Society||Enhanced affordability on 5 year fixed||0.05% cheaper 5 year fixed resulting in additional affordability|
|Together||2 year fixed Light Range||2 year fixed Light Range 0.13% cheaper|
|Paragon Bank||Residential not available direct||Full residential range available|
|United Trust Bank||Not available direct||Residential Remortgage Range|
|Bluestone Mortgages||H2B Range not available direct||Full H2B Range available|
|Precise Mortgages||H2B 2 year fixed Remortgage Range||0.05% cheaper fixed rate with £750 cash back|
|Lender Name||via Lender||via 3mc|
|Landbay||Maximum LTV 75% for Small HMO range||Maximum LTV 80% for Small HMO Range|
|Together||All BTL products||Up to 0.7% cheaper|
|Precise Mortgages||2 year fixed 80% LTV HMO Range||Cheaper for loans above £133,000 due to lender completion fee|
|Paragon Bank||SSC 80% LTV 5 year fixed rate with free val & Cashback||0.25% cheaper based on a total to pay over 5 years|
|Paragon Bank||HMO/MUB 80% LTV 5 year fixed rate with free val & Cashback||0.70% cheaper based on a total to pay over 5 years|
Using a packager does not mean compromising your procuration fee. In fact, if you work with 3mc, you will receive a similar fee as you would receive if you dealt directly with a lender, as we receive a fee in addition to the market procuration fee from the lenders with whom we work.
Enhance your service
Another example where using a packager can enhance your service as an intermediary is having access to lender underwriters. It is vital in placing any specialist case and, at 3mc, we have access to onsite underwriters from several different lenders all under one roof. This enables 3mc to discuss a case directly with a decision-maker and receive an immediate decision.
Nowadays, you can choose how you want to work with a packager partner and you should always retain ownership of your client.
If you want to retain ownership of the advice your client receives, you can harness the knowledge of a packager by using it as a specialist mortgage desk to research the options for your client and provide a range of suitable solutions. At 3mc, we support this with a handy criteria comparison on our website so that you can see, at a glance, how specialist lenders match up against each other.