Second Charge Lending
Wheeldon urges second charge sector to engage brokers
Fluent Money COO Tim Wheeldon has urged the second charge industry to build on positive business figures and engage with more brokers.
Wheeldon welcomed the latest results from the Finance and Leasing Association (FLA) which showed the sector was continuing to build on its growth from last year.
According to the FLA data, in January the second charge mortgage market grew new business value by 8% and 13% by volume compared with the same month last year.
The results continued the pattern of growth seen in the market last year, although it tailed off somewhat in the fourth quarter.
No sitting back
Wheeldon was also pleased the regulatory intervention and debate about other issues affecting the market had not put customers off.
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“Our own experience shows that business introduced by brokers is rising strongly,” Wheeldon said.
“This is a good sign that the negativity surrounding some of the recent second charge commentary has not derailed the growing acceptance of the wider use of second charge lending. However, I am sure that we, along with our peers, will not be sitting back.
“The fact remains that wider acceptance of second charge as a legitimate and highly user friendly alternative source of capital raising funds is still very much our goal. Our focus in 2018 is to ensure that we engage an even broader cross section of the intermediary sector to champion second charge mortgages,” he added.