Ray Boulger, senior technical manager at John Charcol said brokers will find the biggest loss from the incoming Mortgage Credit Directive will be the reduced sizes of foreign currency loans.
Speaking to Maeve Ward, sales and operations director at Shawbrook Bank, Boulger said: “The biggest problem is the definition of a foreign currency mortgage. We’re talking about some of the best credit risk [clients] in the market being unable to get the size of the loan they want.”
On the sofa with Philip George, MD of secured lending at Shawbrook Bank, Boulger outlines his key concerns for brokers including the importance of understanding when you can call yourself or your firm independent.
Watch the video below.
Victoria Hartley is contributing editor at Mortgage Solutions, Specialist Lending Solutions, Your Money and Your Mortgage at London-based publishing company AE3 Media.
Her role includes editorial oversight of the news, analysis and features, event content management and strategic and editorial consultancy for the AE3 Media group. She is an experienced video, broadcast and live-event host and regularly chairs web and podcast debates and interviews.
Multiple award nominations have resulted in two wins: Santander Media Awards, trade journalist of the year and Headlinemoney Awards, mortgage journalist of the year (B2B).
Previous roles include editorships of Mortgage Solutions, consumer title What Mortgage and trade title Credit Today and a spent time freelancing for a variety of outlets including The Guardian and Which? Money.