The second charge specialist began its partnership with the LSL brands, TMA Mortgage Club, Pink, and First Complete, in October 2015 following a due diligence process which was extended to include second charge buy-to-let products and bridging finance in January 2016.
The move was made as financial forecasts predicted the market would grow to £1bn this year.
Managing director of V Loans, Marie Grundy (pictured), said: “We look forward to continuing working with and supporting the members of the LSL mortgage networks following the implementation of the Mortgage Credit Directive (MCD) which will open up more opportunities for consumers who may benefit from a second charge loan.”
Director of mortgage services at LSL Financial David Copland said: “The alignment of the regulation of the first and second charge markets will serve to give greater credibility to second charge products. It will provide our member firms with the appropriate level of service through our trusted master broker panel, including V Loans, meaning more advisers will proactively consider second charge products as a viable alternative to remortgaging.”
V Loans finalised its changes in accordance with the Mortgage Credit Directive ahead of the March 21 deadline to allow time for those who would be affected by the new regulations to complete their Consumer Credit Act loan transaction.