Firms on the panel are Enterprise Finance, The Lending Wizard and The Loans Engine who will work with Legal and General to raise compliance awareness, provide training and support brokers and borrowers.
All mortgage firms electing to advise or introduce on second charge mortgages will be required to implement the MCD rules from 21 March next year. Brokers will also be obliged to ensure that customers looking to increase their borrowing are aware that a second charge or unsecured loan may be a more suitable option.
Jeremy Duncombe, director, Legal and General Mortgage Club said: “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 and The Lending Wizard, added: “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.”
