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 …

Brokers Urged Not to Ignore the Impact of Second Charge Regulation

The importance of brokers getting to grips with regulatory guidelines concerning the second charge marketplace was firmly underlined by a panel of industry experts at this year’s Financial Services Expo (FSE) London in Old Billingsgate. In a debate on the impact of second-charge lending on the wider financial services marketplace, chaired by Front Events chairman …