V Loans to close doors following MCD hit to second charge market

New rules brought about by the EU Mortgage Credit Directive (MCD) in March this year, have seen significant changes to the way second charge mortgages are regulated, bringing them in line with the first charge market.

Loans was set up Dave Pinnington and Marie Grundy in 2007.

The firm said it will now work closely with customers, introducers and lending partners to facilitate a smooth close down of the business.

Marie Grundy (pictured), managing director of V Loans, said: “Whilst clearly we are saddened that our time at V Loans has come to an end, both Dave Pinnington and I are very proud to have served our loyal intermediary partners over the last nine years, during which we have developed excellent working relationships with an array of leading intermediary firms, networks and lending partners to offer high quality advisory and packaging services within the specialist lending market.

“We would like to thank all our partners and our staff, who have provided us with immense support over the years, and wish them all the best with their future endeavours.”

V Loans was purchased by equity release specialists Key Group in September 2014 and launched a specialist sourcing system to compare remortgages and second charge loans just last month.

Second charge packager V Loans goes through buyout