Poll
Almost 60% of brokers more likely to consider second charges
Research conducted by specialist master broker V Loans has also found that brokers expect the value of the second charge loans market to increase by 10% in the next two years
Around 59% of brokers claim they’ve seen a rise in applications for second charge loans, with 12% saying they’ve seen a substantial increase.
Some 49% of brokers say that second charge loans have now become more important to their business due to the implementation of the mortgage credit directive (MCD).
Marie Grundy, managing director of V Loans, said: “The second charge lending sector has been subject to unprecedented regulatory change in the last six months.
“We believe the sector post-MCD is moving in the right direction.
“However, while the rules for first and second charges have been aligned, the processes are fundamentally different.
“The value of the support that can be provided by master broker firms, both in terms of providing extensive research of the market and access to experienced processors to ensure applications reach completion stage, cannot be underestimated.”
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