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84% of brokers will offer second charge advice

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Following the introduction of MCD, 84% of brokers plan to include second charge loans in their advice process.

According to the research from Legal & General Mortgage Club, 32% of respondents plan to write second charge mortgages themselves, whilst over half (52%) would refer the cases to a Master Broker.

It was also revealed by the research that London will soon see the largest rise in brokers writing second charges themselves, with 41% expecting to do so.

Director at Legal & General Mortgage Club, Jeremy Duncombe, said: “These results have no doubt also been influenced by the post-MCD mortgage market, which means brokers still wanting to refer to themselves as independent now have to advise on whole of market, and that of course includes second charge mortgages as well.

“However, whilst it is of course good to see brokers taking advantage of these opportunities for new business, it’s also important that advisers look to futureproof themselves against any further changes that could challenge their hold on the market. Intermediaries should look to offer a holistic advisory service, from mortgages and secured loans to equity release and insurance. At the same time, advisers should also look to their back-books for business opportunities, where they can advise exiting customers on their options for remortgaging and ensure the products they have still suit their current circumstances.”

Paul

The author Paul