Brokers on the Right Mortgage and Protection Network now have access to Freedom Finance’s loan sourcing tool The Lending Wizard, after a new partnership was agreed today (15 May).
The two networks’ 80 brokers can now use this ‘soft search’ portal, letting them find the best possible secured loans for their customers, as an alternative to re-mortgaging where appropriate.
Martin Wilson, managing director at the networks, explained that given that the impending European Mortgage Credit Directive changes will affect the second charge market and that the Lending Wizard has compliant systems in place to ensure readiness for the regulatory changes ahead.
Nicola Mooney, operations manager at Freedom Finance and the Lending Wizard, added that brokers can now accurately search for loans for their customers without leaving a credit footprint on their scorecard.
“The current regulatory landscape is reassuring brokers that secured loans are a credible option and should now be considered alongside first charge products when looking for the best possible solution for their customers.”
After coming under the Financial Conduct Authority’s responsibility in April, the secured loans sector has been touted as another option that advisers should consider with clients worried about the impact of potential interest rate rises on their mortgages.
Darrell Walker, the then head of intermediary at The Lending Wizard, previously told FTAdviser: “Now we’re all under the same umbrella, this proves our proposition is fit for purpose, and any mortgage adviser now has got to consider a second charge as a viable option when they’re giving holistic mortgage advice.”
peter.walker@ft.com
