FT Adviser – Changes to Regulation of Second Charge Mortgages

Historically, second charge mortgages were regulated by The Office of Fair Trading, but as of 1 April 2014 regulation passed to the Financial Conduct Authority, which took up the consumer credit element of the now disbanded body. Matt Tristram, owner and co-founder of Loans Warehouse and Clearly Loans, says the industry is currently in an …

FT Adviser – Why a Second Charge Mortgage May Not Be Suitable

The most obvious alternative to a second charge mortgage is a first charge mortgage. Although second charge mortgages can be useful, the Money Advice Service warns taking one out is a serious step. There are several situations where taking one out may be a bad idea, Mas adds. If your client is already only just …

FT Adviser – Guide to Second Charge Mortgages

Last month the Financial Conduct Authority confirmed regulation of second charge mortgages should move from the watchdog’s consumer credit regime into the mortgage regime. This guide will explore the current make-up of this type of loan, which is secured against a property behind the existing loan – the first charge. This means that in the event …