With less than six months to go until MCD-day, Mortgage Introducer asked Enterprise Finance whether brokers will be ready in time.
Harry Landy, Sales Director of Enterprise Finance:
“We don’t operate in the direct-to-consumer space, so everything we do is focussed on the intermediary. As a result of this, our chief objective is to educate brokers so that they are able to spot situations where second charge mortgages may be of use when they arise. A large part of this teaching process is changing perceptions of secured loans as many intermediaries think they are only of use to certain types of clients such as those who have experienced credit problems, whereas the reality is that they can be viable in a number of different scenarios and clients, in particular high net worth clients. When second charge mortgages come under the Mortgage Credit Directive rules next March, it will be even easier for brokers to make direct comparisons between secured loans, further advances and remortgages and they really should be at least considering the former in every such instance.”