Any progress here may appear to be slow, although if there is suddenly significant demand for second charge loans then there would need to be a much quicker reaction from the industry.
Andrew Fisher, managing director at mortgage broker Freedom Mortgages, admits awareness and understanding of second charge mortgages is still relatively low, yet he does see this changing.
“Second charge lenders and brokers are investing time and resources raising awareness in the first charge market in how second charge mortgages are in some cases a viable alternative to remortgaging.
“As advisers realise the advantages of secured lending and the competitive edge it can offer, I expect that awareness will increase and we will see a lot more advisers and brokers adding it to their arsenal,” he predicts.
For those advisers already advising on second charge lending, there is clearly a push to offer it as an alternative to remortgaging.
“The advisers looking at second charges are doing a great job for their customers,” Mr Williams adds.
“I think you have a mix of using it to give best practice and a number of people use second charge lending as a way of raising capital if a first charge isn’t an option.”