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2017 has been an interesting year for the second charge mortgage sector. It has come through the regulatory changes brought about through the introduction of the Mortgage Credit Directive and despite many fearing the change, the new regulations, in my opinion have been positive for the sector. It has since emerged as a credible, highly efficient financial tool that is now, rightly, being considered when brokers are discussing options with their clients.

The sector has seen new lenders enter the market alongside long-established players that have traditionally been the market leaders. The regulatory changes have increased competition for new business meaning that consumers are being given more choice than ever to access funds by way of a second charge mortgage.

Rates have continually reduced throughout the year and we are now seeing the most competitive rates the market has ever seen; with some starting to mirror those offered by first charge mortgage lenders.

The year has finished in a strong position, best evidenced by the figures quoted by the Finance & Leasing Association. They stated there has been an increase in new business by 20% (by value) and 19% (by volume) on an annual basis in October year on year.

Explore the scenarios where a second charge mortgage can be useful here
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