Responding to SPPL and Kensington’s withdrawl from the secured loans market, Loanoptions.co.uk has urged intermediaries to look before they leap.
Managing director of Loanoptions.co.uk, Andy Moody, said: “While it is a shame to see any lender exit the market, intermediaries need to look carefully at whether their current access to lenders gives them enough latitude particularly when a lender exits the market or makes big changes to criteria.
“With the danger that other lenders could pull out or restrict their lending, it is in intermediaries’ best interest to work with packagers which can offer the widest range of lenders.“
“Apart from the obvious best advice implications, dealing with a packager offering a true whole of market lender panel means that there are other lending choices in the event that another SPPL exit happens.”
