Myth: Using a packager means cases take longer.
Fact: Some of the cases we process are highly complex which can lead to an increased amount of paperwork required by the lender in order for them to become comfortable with the deal. More complex cases will also require a higher level of underwriting,which can increase timescales. However, all of this is done in order to get the case offered and give the customer the mortgage they require. Whilst it might take a little longer than a vanilla case and seem to be more labour intensive,it does mean you are able to place those more difficult cases, earn more money,and TBMC will do most of the work for you.
Myth: Packagers don’t add value to my business.
Fact: A specialist packager can be especially helpful when trying to place more complex buy-to-let cases such as those involving multi-unit properties, limited company applications,expat clients or unusual circumstances that won’t fit with a high street lender. TBMC’s buy-to-let support team can provide you with the comprehensive product and technical information you need to enable you to make informed recommendations for your clients.
For more complex buy-to-let cases, using a packager with expertise can speed up the process of identifying suitable products and our relationships with underwriters can help get decisions made quicker. TBMC has an online application form which means that if a case gets declined for any reason, we can switch it to a different lender with no additional paperwork.
Myth: I don’t need to use a packager as I can go directly to the lender.
Fact: A specialist distributor such as TBMC can provide you with access to lenders that are not on your main network or club lender panel and therefore provide more options and potentially better deals for your clients. We also have access to lenders that only allow specialist distributors to submit business.
Myth: Better procuration fees are paid by going direct to a lender.
Fact: Procuration fees paid by TBMC are highly competitive and are usually comparable to those paid directly by the lender. Also, some of the more specialist lenders that can only be accessed via a packager may pay higher procuration fees than high street lenders.