Seconds broker offers first charge advice through Right Mortgage network

Under the brand Mortgages Warehouse which launched in April, owners Matt Tristram (pictured) and Sam Busfield will offer first charge advice replacing their previous model of referring mortgage business to external partners.

Former Financial Ombudsman Service mortgage adjudicator Terrie Dingley has been appointed as head of mortgages and protection and will help build a team of CeMAP-qualified mortgage advisers.

Dingley has held several positions in first charge mortgage firms including St James Place and GE Money.

The Mortgage Credit Directive (MCD), launched on 21 March this year, created a level playing field between first and second charges, bringing them under a single set of regulations set out in the Mortgage Conduct of Business (MCOB) rulebook governed by the Financial Conduct Authority (FCA).

The changes meant that mortgage and secured loan brokers were obliged to tell their clients of the option to take alternative finance options outside their normal scope of service.

As second charge lenders have begun to open up lines of distribution directly to mortgage brokers, instead of their traditional route through master brokers, seconds advisers have begun to diversify models.

Tristram said: “While firms in the second charge industry are very excited about what the future holds following the switch to the FCA, we are acutely aware that our experience lies outside first charge mortgages. Now that the playing field is level, we felt it only right to add traditional first charge products to our offering.”