We want brokers to open their minds to second charge lending, especially the large group of brokers who have first and second charge loans in their scope of services, because they are obliged to do so under the new rules.
If you are offering whole of market then second charge lending can be very much a first resort.
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BOX OUT
What does regulatory change mean for second charge mortgages?
● More professional service.
● Better competition equals more choice with better rates.
● Client profile - no longer for clients who have no other choices.
● Brokers need to consider second charge mortgages as an option.
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