The United Trust Bank research also found that nearly a third of brokers (31%) felt that MCD had impacted where they now placed their business and a further 25% thought it was still too early to tell.
Robert Owen, Director – Mortgages and Bridging – United Trust Bank, commented: “Having launched 12 months ago with the MCD firmly in mind, it is pleasing to see the steady growth in volume has continued, despite the changeover which took place in February. In fact business has grown as a result of the regulatory changes.
“There’s a place for both seconds and remortgages in the adviser’s toolbox but in my view the MCD has certainly elevated the profile of second charge mortgages. Hopefully the further development of the second charge market will give homeowners more financial options and lead to less people reluctantly switching their entire mortgage just to fund home improvements."
