Tenet has unveiled a panel of lenders as it looks to make the second charge market a more cost effective option for advisers.
The second charge panel aims to give advisers the option to go directly to second charge lenders, giving them more control over the advice process.
The panel will initially include five lenders: Paragon Personal Finance, Masthaven Secured Loans, Precise Mortgages, Shawbrook Bank, and Step One Finance.
Gemma Harle, managing director of TenetLime, said: “We hope that the launch of our direct to lender second charge panel will bring some real competition into the second charge market.”
She said she hopes the panel will make second charge lending a more cost effective option for Tenet advisers to consider when their customer is thinking about a remortgage.
The adviser support group has worked with existing partner, Mortgage Brain, to develop a bespoke version of the LoansBrain secured loans sourcing website,
TenetLoansBrain, which will be available to members free of charge.
Last year, the Tenet Group decided to exclusively provide Mortgage Brain’s online sourcing solution to its members, ditching provider Trigold.
Tenet supported firms to retain their independent status under the Mortgage Credit Directive, and approximately 70 percent of firms affected have chosen this option, with the expectation that this figure may now increase.
