Smart Money Appoints Head of Business Development

Smart Money has created a new Head of Business Development role as it develops its offering for the intermediary market. Smart Money has appointed well-known second charge figure, Steve Pollard, due to his 25 years’ plus experience in consumer lending and relationship management. Previously holding a BDM position at more4loans. Steve joins Smart Money from …

Prestige Continues Enhancement Strategy

Prestige Finance, the intermediary focussed second charge lender, part of OneSavings Bank, has announced an enhanced proposition, including a new product as well as sharper pricing on its prime product range allied to significant reductions to lender fees across the range. Highlights include: – New prime product up to 60% LTV at 5.29% Prime 60-65% LTV now …

Paragon Personal Finance Launches New Secured Lending Range

Gross lending for September 2014 hit £58,270,247, the biggest monthly lending figures since October 2009 and a significant jump on last months holiday season hit figures – 2014 lending levels are currently £110,000,000 above the same time last year according to the latest figures from the Loans Warehouse Secured Loan Index. Year to date figures continue to …

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 – Nature of the Second Charge Mortgage Market

As the term implies, ‘second charge’ mortgages are always secured behind first charge mortgages. As the term implies, ‘second charge’ mortgages are always secured behind first charge mortgages; the first charge mortgagee retains priority. The majority of second charge mortgage providers in the market today are either banks, subsidiaries of building societies, or subsidiary entities …

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 …