We have seen eventful times of late for brokers and lenders, with the Mortgage Market Review (MMR) shaking up the mortgage market and the Financial Conduct Authority (FCA)’s oversight of the consumer credit industry causing a stir.
Traditionally, there has been reluctance from many brokers to look at secured lending as a viable alternative to re-mortgage products. Intermediaries have cited a number of reasons, including nervousness around the compliance implications of secured lending products, right up to a lack of understanding of secured lending altogether. However, now that all forms of secured lending come under the same FCA umbrella, brokers are not only able to, but obliged to consider all options to devise the best credit solution for their customers.
When the MMR is taken into consideration, the affordability requirements and restrictions now in place on new mortgages make it all the more important for brokers to consider all of the options and find a loan that is most closely targeted at the customer’s individual circumstances.
It’s a trend towards secured lending that is already showing strong results. Recently quoted figures from the Secured Loan Index showed that the second charge sector is already up 33% on the first 6 months of last year. Clearly more and more brokers are considering secured lending and by bringing regulation of the secured loan sector under the auspices of the FCA, it is clear that the regulator is successfully creating ‘one mortgage market.’
Quite rightly, the focus of the FCA is to safeguard the consumer and within reason ensure that the most appropriate customer outcome is achieved. By giving the secured lending sector its own oversight, it is sending a very clear message to brokers that, in many cases, the appropriate outcome for a customer may well be a secured loan.
For more help and advice please do not hesitate to contact us at Hoskin Home Loans via email or telephone 01621 – 876030
This website is intended for authorised intermediary use only. Those without professional mortgage experience should not rely solely on it’s content.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.
For more help and advice please do not hesitate to contact us at Hoskin Home Loans or Telephone us on Maldon (01621) 876303 or email us via the contact form below.
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