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

Persuasion not coercion is the key to wider acceptance for seconds


Trying to coerce advisers into accepting second charge mortgages is counterproductive, two financial services specialists have claimed.

Fluent for Advisers and Zing Mortgages have suggested that reasoning is the best way to help second charge lending gain greater traction in the wider lending market.

Jeff Davidson, head of intermediaries at Fluent, said: “In the aftermath of MCD, many people in the sector believed that because secured loans were now expected to be part of the client conversation around capital raising, it would be the goose that laid the golden egg for new secured loan business.

“That sense of entitlement certainly got up the noses of many brokers I have spoken to.

“Advisers are not so easily overawed by anybody telling them what they should be doing without a valid argument.”

Paul Flavin, MD at Zing Mortgages, added: “I have always been a great believer in reason rather than emotion.

“As mortgage brokers, we are advising people on some very expensive decisions.

“My advisers were understandably wary of a sector of which many had little previous experience.

“Yet we were very aware of the regulator’s expectations as well as the growing clamour from certain providers that we ‘had to’ offer secured loans.

“However, to me it was important that we took the trouble to understand how secured loans could fit into our advice portfolio, rather than be bounced into it.

“Above all, customer service is our key driver and finding a secured loan provider with a similar ethos has helped alleviate many of our concerns.”

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