Second charge sector in good health with growing support from new users

12 February 2018

Responding to the latest FLA figures, Tim Wheeldon, COO at the UK’s largest second charge provider, Fluent Money, said,

“In her statement, Fiona Hoyle of the FLA described the second charge market as resilient which is absolutely right and certainly the sector has demonstrated that the new regulatory regime has been successfully absorbed into the industry’s DNA and new business figures have shown steady increases.

I think what needs to be remembered is that much of that new business is now coming from sources which are either new to second charge borrowing or have only ever used the facility sparingly in the past. Intermediaries are recognising in greater and greater numbers that, under this regulatory regime, they can be confident that a second charge option can be an appropriate choice for their customers.

As the message continues to spread, I expect more and more advisers will be actively researching a second charge option and the sector will continue to see steady growth.”