December's inflation statistics demonstrated that the battle to contain the increase in prices in the UK economy is far from over. In fact, having largely negotiated for now, the pressures facing UK borrowing, the biggest factor driving increasing costs is the unpredictability of the world economy[1]. The Ukraine War showed what can happen to food and energy costs in the face of conflict, and the West's present response to the problems facing ships attempting to transit through the Suez Canal belies global governments’ concerns about the economic ramifications for consumers in the West.

The Bank of England kept interest rates unchanged in February, and it's likely that any reduction—if any—won't happen until later in the year.[2] Lenders have repriced in accordance with the adjustments made to swap rates.

The net result of all this will be that many borrowers still rolling off fixed rates from two or three years ago will be experiencing payment shocks and, with borrower outcomes and Consumer Duty now foremost in lenders’ collective mind, simply rolling onto a Product Transfer scheme may not, and should not, be the only choice.

Many borrowers who were once borderline at worst on affordability may now be looking to refinance with impaired circumstances.

If you are not in the business of dealing with complex and difficult cases regularly, finding the right deal and getting it over the line can be a real challenge. It’s why mortgage packagers and referrers can help.

They exist to provide the very solutions many advisers need for cases they encounter on a less-than-regular basis. Packagers and referring specialists provide the know-how and tools brokers need to get that very right deal for the borrower. Elements such as on-site underwriting can really enhance the decision-making process while not impacting your own bottom line.

Packagers have been around for as long as the specialist market, and it is their bread and butter. Making the irregular a far more comfortable experience is part and parcel of the process, and as many more borrowers find themselves in that cohort that is less easily cut out for the vanilla lending process, their role remains a crucial part of getting the best outcome. Mortgage packagers help process applications, carry out checking clients' credit files, instruct valuations, and check lending criteria.

Your team and proposition are broader. But it is not just about expertise. Packagers have access to lenders and to products that are not always available to the broader market. Principally because lenders like to control the demand for certain products to manage operational capacity and choose to distribute some of their most in-demand deals through packagers, allowing greater control over the volume they lend on these popular products.

Packagers are part of the whole of market solution that brokers can embrace to ensure the right outcome is in ply for their borrowers. It may not always be appropriate, but often, it can be the best solution.

To see how Vida works with Packagers, take a look here.