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

The benefits of regional partnerships


It has been a busy week following the launch of our three new regional partnerships with Glasgow Money, Teesside Money and Manchester Money and all this on the back of the successful launch of Cardiff Money back in April.

We firmly believe that by having these regional partnerships, we will be better placed to go out and continue our evangelistic approach to how we feel second charge mortgages should be marketed. This includes our preferred approach of filling up workshops/masterclasses with open-minded brokers and showing them an alternative way to approach the product. We then take them over the road to pour beer down their throats. Please don’t misunderstand the importance of the last bit. We become firm friends with our brokers and introducers. So much so, that five of them have done their own second charge through us (on a nil-fee basis, I hasten to add).

We still suffer from the fact that the industry remains fragmented and that most brokers are one- and two-man bands who don’t currently have enough support, belief or even confidence in the industry in order to engage better with the product. Well, our preferred model of partnering, building and helping with the heavy lifting should all go some way to making those concerns a thing of the past.

Don’t believe me? Well, what does Dan Yeo, managing director at Cardiff Money, have to say on the subject?

“The launch of Teesside, Glasgow and Manchester Money demonstrates how far the brand has come and the potential it has to go further and change the face of financial services in the UK. 

“What excited me was the fact that not only do I get to run the business the way I want, but I know advice, guidance and a devil’s advocate is only an email away. 

“On paper, I am competing with my co-owners, but now I know I am not. 

“If I do well, the brand does well, if the brand does well, I do well. 

“I just wish someone had shown me earlier that it is possible to work as an individual and as part of a team at the same “

With regards to the market place, in general we have seen some real tightening of lenders’ criteria process and requirements, making it more aligned with the first charge world.

While this may be uncomfortable for people packaging/advising short term, a more rigid approach will benefit the industry as a whole and make it a more respectable product going forward.

These changes highlight that with more stringent tests now in place, it is imperative that advisers take the time to find a reliable packager or get their own knowledge up to speed. There are more headwinds coming our way to make the water choppy as we continue to become more aligned with our first charge brethren. But don’t worry. Calmer, warmer, clear water is not too far away.

Finally, we are now also seeing lenders tightening up their distribution channels and I envisage that this will continue into next year. The market isn’t ready for the dabblers to drift in and out at the moment. 

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