Regulation has secured second charge market, but still more to do – Specialist Mortgage Group

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  • 19/11/2019
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Regulation has secured second charge market, but still more to do – Specialist Mortgage Group
Oversight from the Financial Conduct Authority (FCA) including tight scrutiny of affordability assessments has made the second charge market a more sustainable one.

 

However, Matt Cottle, CEO of Specialist Mortgage Group, believes there is still more work for the sector to do, particularly with smaller packagers and brokers.

Speaking on Specialist Lending Solutions Television in association with Shawbrook, Cottle said: “I think a lot of really good work has been done in the industry and made it better than it’s ever been.

“But I think there’s still a huge amount of work still to be done, especially with smaller packagers and smaller brokers who perhaps haven’t had the resource and the time to be able to wade through the plethora of guidelines which is very confusing.

“And bearing in mind it’s only just been introduced into this marketplace, it’s new to everybody.”

He also added that the focus on affordability checks had benefitted everyone, making the market more secure and sustainable.

[For intermediaries only]

 

 

 

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