Fluent for Advisers has reported an upward trend in new business in the months since the introduction of the Mortgage Credit Directive (MCD) and in the wake of the EU referendum.
Its experience has been that business levels have not been affected by MCD and in fact new business levels have increased.
Fluent for Advisers, part of Fluent Group, was launched at this year’s Mortgage Business Expo in Bristol as a standalone brand specifically aimed at the broker community.
Tim Wheeldon, chief operating officer, claimed that business level reductions, prophesised by pundits in the wake of the MCD, have been unfounded.
He said: “I cannot speak for the intermediary industry as a whole, but our experience is that since the MCD, allowing for adjustments to working practices, business levels have remained consistent and even increased. I would also say that although Brexit was only a few weeks ago, demand has remained constant and conversations with lenders have confirmed that they have no plans for cutting back on capacity.
“The truth is that second charge lending remains robust and I believe that the real issue is not to talk our way into believing that Armageddon is around the corner. The dire consequences of immediate market collapse predicted by many after Brexit have also not come to pass. Of course, there is still a chance that the implications might be more severe in the longer term but as has been shown, prediction is, at best, an unreliable indicator of events still to come!.
“As an optimist, I have to take the view that the short term position looks good and customers, brokers and lenders will make the most of the strong conditions that exist today.”
