Positive future
The emphasis is certainly on intermediaries to begin exploring second charge lending and considering it an option, rather than simply dismissing second charges as too expensive or as a very niche product.
There are plenty who are positive about the future of the market though, despite recent figures showing growth slowing.
Ryan McGrath, chief executive at The Loans Engine, is one such industry expert who sees the opportunity in the second charge market.
“We are noticing a real shift in the level of intermediary activity. Seconds are not what they used to be, and it’s clear intermediaries are starting to recognise this.”
He continues: “2017 is going to bring challenges and uncertainty for many but intermediaries now have a credible alternative finance option at their disposal, and are best placed to access the right solution to meet their clients’ needs.”
Mr Dyason adds: “Innovation is alive in second charges as well as healthy competition – we look forward to seeing the changes in this market over the next 12 to 18 months.”
eleanor.duncan@ft.com
