Specialist broker V Loans has launched a second charge advisory service for brokers looking to outsource seconds business post-Mortgage Credit Directive.
The service is designed for advisers who want to give remortgaging customers the option of a second charge without having to advise on them.
Marie Grundy, managing director of V Loans, said: “With MCD disclosure requirements looming, consumers are now more engaged than ever before with the concept of second charge mortgages. As a result advisers who opt not to have seconds within scope at all are missing a huge opportunity for placing business which otherwise is either unsuitable for first charge or where a first remortgage is unavailable.
“At V Loans, we have created a full handover process which Networks, Firms and Advisers are already using successfully in the lead up to MCD, proving the important role second charge mortgages play in the market.
“Our workshops with partners are also designed to help identify second opportunities especially to support cases of unsuitability for firsts where penalties and overall cost of borrowing are punishing and can be overcome with a second charge.”
V Loans estimated that taking out a second charge is the best option for around one in remortgage customer.