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Brunel launches guide to second charge mortgages
Specialist lender Brunel Mortgages & Loans has published a ‘handy guide to second mortgages’ for brokers and advisers.
The free booklet provides intermediaries with a thorough breakdown of what second charge mortgages are, and how and when they should be offered to clients.
Rob Derry, Managing Director at Brunel, said: “Post MCD [Mortgage Credit Directive] we have noticed a lot of brokers are still saying that they don’t do second mortgages.
“We know the regulator is concerned about this and we want to make sure that advisers don’t get caught out.
“We also want to ensure that they don’t miss out either.”
Rob explained that advisers could benefit from having second mortgages in their portfolio when clients want to raise money on a home.
He warned that advisers who did not inform customers about seconds could face complaints in the future.
“We don’t want to scare advisers in to providing them because if they don’t and they have the correct declaration to their clients … then they should be OK,” Rob added.
“What we want to do, through highlighting the place that second mortgages have in an adviser’s portfolio, is ensure that advisers can give their clients the best advice possible by fully informing them of all of the options available.”
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