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Do you expect to see less or more second charge mortgage lenders in 2018?

Brightstar: Second charge - a new consideration

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Brightstar: Second charge - a new consideration

The Mortgage Credit Directive (MCD) is now in full swing and has undoubtedly helped to bring additional clarification to the benefits of the second charge sector.

Of course there is still a need for continued education from the sector to the masses of mortgage intermediaries out there as the early months open up new discussion points, with clients and intermediaries adapting to the changes that have been made.

I am confident that the new European directive will continue to deliver new opportunities and drive innovation in the second charge market which is continuing to go from strength to strength, and this will ultimately make the sector even more attractive as a result. 
It was recently reported that some industry experts believe that since the second charge market has become regulated by the Financial Conduct Authority, it is facing an uncertain future. I disagree with this and strongly believe that due to more stringent regulation and the rise of industry standards, the MCD will boost the second charge market with greater volumes of enquiries and business as a result. So, how can the specialist lending sector fail to grow and develop if all mortgage advisers are duty-bound to consider second charges?
I believe that second charge mortgage lenders will continue to innovate and add to their existing offering. Historically, all second charge Consumer Credit Act loans were on variable rates. However, in the last 12 months, we have started to see the introduction of discount and fixed rates, as well as trackers which are now available over different terms – commonly between two or five years. 
This has assisted in the transition to MCD as well as the alignment to the first charge world. Commonality between the two sectors is only going to assist the changes that have been implemented and the fact that the process is now very similar is a further positive move.
Master intermediaries now have a much larger target audience as more and more mortgage intermediaries consider second charge loans. It will therefore become increasingly important for them to ensure they have the required resources to accommodate the uplift in enquiries and the necessary knowledge to make sure the advice being provided is at a high level. Clearly experience and qualifications will play a major role moving forward.
The days of the dismissal of a second charge are over and the customer journey should now come with more options than ever before, not to make the process more complex and complicated, but to ensure that the final recommendation is absolutely in keeping with the needs of the client. 
Attributed to Bradley Moore, Director of Second Charge Loans at Brightstar

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