Promise Solutions and The Loans Engine (TLE) have been granted authorisation by the Financial Conduct Authority (FCA).

The two master brokers applied for authorisation for first and second charge mortgages ahead of next year’s implementation of the Mortgage Credit Directive (MCD).

Promise was granted consumer credit and mortgage authorisation while TLE received the necessary permissions to continue second charge mortgages.

Steve Walker, Managing Director of Promise Solutions, said he wanted to use authorisation as an opportunity to develop the Promise brand.

“Now that we have received authorisation we are able to advise on residential first mortgages and bridging loans,” said Steve.

“Next year will be a big year for the mortgage industry as a whole, and here at Promise we’re expecting 2016 to be a year of growth as we continue to grow our core offerings of second charge mortgages and commercial solutions, as well as developing our first charge arm.”

Ryan McGrath, Chief Executive of The Loans Engine, said FCA confirmation was extremely significant and an incredible amount of work had been put it to achieve authorisation.

“As a leading player in the second charge marketplace we wanted to ensure we obtained permissions for broking second charge mortgages as early as possible, so we’re fully prepared and ready to support our intermediaries and their customers when MCD comes into effect,” said Ryan.

“It’s an extremely proud day for all at TLE and we are looking forward to developing our proposition further in our quest to be the ‘go–to’ second charge specialist for second charge loans, unsecured loans, bridging and commercial finance.”

Last week, Promise completed its first secured loan integration with Precise Mortgages while TLE received a customer service award from Shawbrook.