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Poll

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



A year of opportunity


 There is a natural caution, particularly around the second charge market, to predict what 2016 holds in store for the sector. .

There is a natural caution, particularly around the second charge market, to predict what 2016 holds in store for the sector.

Those I have seen and spoken to tend to be holding a two-way bet; potentially a good year but hesitation over the potential effect of the Mortgage Credit Directive (MCD) on business volumes.

Personally, I take the view that second charge lending has now developed the momentum to suggest some harmonisation of the first and second charge markets. This should provide the positive catalyst to take second charge towards its goal of being seen and understood as a mainstream product in its own right, rather than the sideshow that many pundits have always claimed it would remain.
 
So, I am unashamedly sitting here with a glass that is the antithesis of being half empty. The changes can only be a positive for our market. My only caveat is that we do not just sit back and expect business to roll in. We have a lot of work to do and those of you who have read this far, will know that I am great advocate of education.
 
This is not about ‘telling’ brokers what to do. Instead, it is a dialogue built around dismissing old beliefs, demonstrating why and where a second charge loan is best practice and establishing an understanding of the process to ensure that brokers are prepared for the differences in approach to the administration pathway.
 
One of the bonuses that last year’s move to a single regulator provided was the need for advisers to inform clients of all the funding options available when looking to raise capital from their residential property. With the MCD’s implementation towards the end of March, that requirement will be further reinforced. Maintaining an independent, whole of market status will, most likely, depend on it.
 
Apart from education, lenders and brokers will need to have the right systems and training in place and, provided the industry is proactive in the assistance it gives to the broker community, I see this being another strong year of new business.
 
Here at Masthaven, we have made a huge investment in ensuring that we are ready and will be doing everything possible to help those who are new to the industry, as well as our existing introducers.
 
Attributed to Jon Sturgess, Head of Sales at Masthaven Secured Loans
 


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