The second charge market will be aligned with first charge mortgages from 21 March 2016. This means second charge loans will be subject to regulated mortgage contracts in order to provide consistency across the mortgage market and to give appropriate protection for the consumer.
Shawbrook’s secured lending team wants to support its partners ahead of the changes and will run academies for existing broker partners in Manchester, Hertfordshire, Birmingham and Cardiff during July.
The sessions will cover FCA and compliance regulation in detail. However, to ensure that Shawbrook remains independent, the bank has teamed up with SimplyBiz to run the sessions.
Further academies for new broker partners will be added later in the year.
Maeve Ward, Shawbrook Bank’s sales and operations director for secured lending, said: “Shawbrook places its partners at the core of its business and the academies demonstrate our commitment to working together in embracing the Mortgage Credit Directive in 2016. We welcome all of our key partners to attend and have ensured that locations are close to our partners’ offices to avoid any disruption caused by travel and that downtime to business is kept to a minimum.”
David Golder, client propositions director for the SimplyBiz, said: “With the combined adoption of both Consumer Credit and Mortgage Credit Directive regulation by the FCA, there is much to be done to help brokers interpret the new rules and regulation whilst ensuring they continue to run profitable businesses – no one wants a sector so held back by compliance that it fails to thrive.”
