Mortgages  

Second charge mortgage market ready for take-off

  • To understand the basics of the second charge mortgage market
  • To grasp the impact of new regulation on the second charge mortgage market
  • To see how it could be incorporated into clients' financial packages
CPD
Approx.30min
Second charge mortgage market ready for take-off

Introduction

The second charge mortgage market has undergone a huge change over the last 12 months following the regulation of the sector by the FCA. This has made second charge mortgages move centre stage, and acquire a greater veneer of respectability, but it comes with additional responsibilities.

Some of the original rules attached to them under regulation by the Consumer Credit Act have still carried over, but the FCA has added to the rules governing their sale.

The knock on effect has not yet been seen in the sales of second charge mortgages, but industry observers expect the market to take off incoming years.

In this guide

CPD
Approx.30min

Please answer the six multiple choice questions below in order to bank your CPD. Multiple attempts are available until all questions are correctly answered.

  1. What was the biggest change that affected the second charge mortgage market?

  2. There was a fall in the second charge mortgage lending during the three months to January, true or false?

  3. Which of the following has NOT been brought over from the Consumer Credit Act, the previous regulation of second charge mortgages?

  4. What impact has the change to the second charge market had on the mainstream market?

  5. Network and mortgage clubs are too restrictive in offering second charge mortgages, true or false?

  6. What rate do deals start at?

Nearly There…

You have successfully answered all the questions correctly, well done!

You should now know…

  • To understand the basics of the second charge mortgage market
  • To grasp the impact of new regulation on the second charge mortgage market
  • To see how it could be incorporated into clients' financial packages

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