The panel will be made up of three firms, Enterprise Finance, The Lending Wizard and The Loans Engine and will allow brokers to find the right deal for their clients under the new regulation coming into force next year. Legal & General Mortgage Club and the three panel members will work closely to raise awareness of the new regulation, and provide training and support to brokers and customers.
The MCD will cover all lending for which the purpose is to buy or retain rights on a residential property. This means that any firm electing to advise, or arrange introductions on second charge mortgages will need to adopt the rules from 21st March 2016. Additionally, if a customer is increasing their borrowing, brokers will need to make the customer aware that a more suitable option might be a second charge or an unsecured loan.
Jeremy Duncombe, Director, Legal & General Mortgage Club said: “We have launched our second charge Master Broker panel to help brokers get advice and guidance ahead of the implementation of the MCD. We have carefully selected three partners who have both the scale and the resources needed to support our members and advise both brokers and customers on their options. We have already launched our MCD guide and matrix on our website to give brokers a single place to keep up to date and this launch adds further value to our proposition.”
Nicola Mooney, Head of Secured, Intermediary and Business Finance at Freedom Finance/The Lending Wizard said: “We are very pleased to be one of the providers chosen for the Legal & General Mortgage Club lender panel. We will be focussing on supporting, training and advising the Intermediaries within the Mortgage Club, around the second charge market.
It is vital that brokers understand the second charge market and when a second charge could be the best option for a customer. We will aid intermediaries with how to spot opportunities for a second charge and our hand-picked dedicated Specialist Intermediary team will be on hand to take calls, deal with any queries, offer support and discuss cases in real time.”
Ryan McGrath, Chief Executive, the Loans Engine said: “We are proud to be selected to deliver a superior experience to Legal & General’s members and their clients as part of its second charge Master Broker panel. We have huge experience in this market, having brokered second charge mortgages and unsecured loans for nearly 30 years. Our friendly qualified staff, flexible fee model and industry leading loan sourcing technology will support Legal & General members to deliver the MCD.”
Harry Landy, Sales Director at Enterprise Finance, said: “This partnership is further recognition of our status in the specialist lending sector as the distributor of choice. As well as vast experience and in-depth knowledge of the second charge mortgage market, we have long seen our role as an advocate and educator as to the benefits of specialist finance and this will only continue in the run-up to March 2016. The publication of Legal & General Mortgage Club’s recent pre-MCD broker guide shows that it shares this vision and makes the relationship a perfect synergy.”
