Secured loan master broker Y3S and Precise Mortgages are to offer second charge roadshows during the autumn.
The two firms will be providing ‘pop-up’ roadshows at five venues around the country to help mortgage brokers understand more about second charge loans regulation and how it affects them.
The shows will take place in Cardiff, Durham, Leeds, Birmingham and London throughout October and November 2014.
According to Y3S, the majority of mortgage brokers are still offering remortgages solutions to their clients without checking the cost of alternative options first. In a poll sent to 1,000 random brokers, 52% said they have never considered second charge loans as a viable alternative with 65% stating that a lack of knowledge and information was the main reason for not using them.
Barney Drake, operations director at Y3S, said: “Now under the regulatory wing of the FCA, no mortgage broker can afford to ignore second charges as a suitable financial alternative to a remortgage.
“We’re taking Y3S on the road and we’re bringing Precise Mortgages with us to get information direct to those brokers that want to get the right information.”
Matt Cottle, group commercial director at Y3S, added: “Those brokers that ignore second charge loans in favour of a remortgage without doing the sums may not be offering best advice to their clients, and can end up costing them big time without realising it.
“They could be leaving themselves open to falling foul of the regulator and claims management companies, as well as losing the trust of their clients.”
Simon Carr, director of second charge lending at Precise Mortgages, said: “We anticipate the roadshows will prove to be very popular and places will be limited. We want to show mortgage intermediaries a new emerging sector that is driven by new regulation.
“The roadshow will be packed full of new income opportunities, sales ideas and give insight into the new regulation and the protection it offers to you and your customers.”
