Fluent reports upward business levels since Brexit

Ryan Bembridge

July 20, 2016

Tim Wheeldon

Fluent for Advisers has seen business levels rise since the vote to leave the European Union and the implementation of the Mortgage Credit Directive in March.

Tim Wheeldon (pictured), chief operating officer of the second charge distributor, said talk of falling business levels due to MCD are unfounded and he reported strong levels post-Brexit so far.

However he wondered whether the Brexit might have more severe implications in the long-term.

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He said: “I cannot speak for the intermediary industry as a whole, but our experience is that since the MCD, allowing for adjustments to working practices, business levels have remained consistent and even increased.

“I would also say that although Brexit was only a few weeks ago, demand has remained constant and conversations with lenders have confirmed that they have no plans for cutting back on capacity.

“The truth is that second charge lending remains robust and I believe that the real issue is not to talk our way into believing that Armageddon is around the corner.

“The dire consequences of immediate market collapse predicted by many after Brexit have also not come to pass.

“Of course, there is still a chance that the implications might be more severe in the longer-term but as has been shown, prediction is, at best, an unreliable indicator of events still to come!

“As an optimist, I have to take the view that the short-term position looks good and customers, brokers and lenders will make the most of the strong conditions that exist today.”