BLSMEXPO 2014: Seconds on the up
The panel discussion, held at the Blimey Loans Mortgage and Finance Expo Scotland, pointed to second charge loans as a growth area for brokers.
Alistair Ewing, managing director of Blimey Loans, attributed the market’s recent growth to the mortgage markets resurgence.
Ewing said: “The main reason for growth in the second charge market is the growth being experienced in the first charge market.
“This is a good and profitable business to be in and, as brokers, you need to be considering second charges to you provide the best advice for your client.”
And Paul Brett, sales director of Masthaven Secured Loans, said increased regulation of the sector should see brokers look at it in a new light.
He told delegates at todays Expo: “Mortgage brokers will be looking at second charges in the same way as the look at first charges now.
“I think it’s good for the industry on the whole and good for the consumer. It’s a very positive time for the industry.”
Martin Reynolds, chief executive of SimplyBiz, agreed and thought that regulation could lead to networks looking at their secured loans proposition.
Reynolds said: “As it sits within the Financial Conduct Authority a lot of networks are going to be more comfortable with the products.
“Secured loans are definitely going to be a viable option for many.”