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

Has the quality of advice improved since MCD?

Loan Talk poll

Over half of mortgage finance professionals believe that the quality of advice has only improved slightly since the implementation of the Mortgage Credit Directive (MCD).

A poll conducted by Loan Talk found that 57% felt advice had improved slightly while 29% indicated it had improved greatly.

However, 14% thought the quality of advice had not improved at all since MCD.

LT graph

Martin Stewart, director at London Money, felt that there had been a significant increase in brokers’ ability to see when a second charge mortgage may be an appropriate recommendation for their client.

“There is still work to be done, especially around the elephant in the room that dare not speak its name for fear of industry retribution.

“We definitely see the gap closing between the first and second charge sectors and more engagement with and from mortgage brokers will [only] serve to expedite this, and that can only be good news for all concerned.”

Sam Kirtikar, managing director at Clever Lending, also felt there was work to do.

“MCD didn’t trigger the big push that everyone suspected it might, however, it has certainly encouraged many contributing factors along with the requirement for qualified advice.
"Technology is evidencing the growing options and the advisers are providing the professional explanation and advice required to select the most suitable product.

“On top of this, the ongoing education and continuing support for advisers across the industry with lenders, master brokers and advisers all working together.

“With the belief in the right advice being provided, lender risk appetite will only grow as clients are fully assessed by advisers to ensure suitability, sustainability and affordability of options, enabling more advised choice for the consumer.”

Paul Stringer, managing director of Norton Finance, felt the poll results were a fair assessment of the changes implemented since MCD.

“The majority of customers had been given the right product for their circumstances resulting in a good outcome even before MCD, the new rules have just added to the already good service given by the industry.

“In particular, MCD has brought a greater level of transparency in to the sales process putting the customer in a more informed position regarding their mortgage and its associated risks.”

Scott Thorpe, director at Access 4 Finance, said it was good to see that 86% of respondents had seen improvement, but was mystified by the 14% who hadn’t.
“If those brokers are not learning, they are putting themselves in danger of extinction.

“My only concern on the advice side are when deals are being considered after relying solely on a sourcing [system] or a [packager] just offering a favourite lender and not disclosing full alternative offerings to the adviser.

“We hear so many deals just being offered on rate and we know for a fact that is not always best for the borrower.”


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