The second charge mortgage market is ready to consolidate and push on now the Mortgage Credit Directive implementation date has passed, Fluent Money’s chief operating officer Tim Wheeldon (pictured) has declared.
Wheeldon set up a forum for lenders and peers in the distribution market three years ago and has been in contact ever since to ensure the industry was ready for MCD.
He said: “Apart from a few hiccoughs as everyone came to terms with the administrative changes, particularly over the new ESIS document, I am delighted to say that thanks to all the hard work and real collaboration across the industry, the second charge market is in a strong position to consolidate and push on to make the most of the opportunities presented by the level playing field that second and first charge markets now inhabit.”
Last month was one of Fluent’s best, with loan completions standing 50% higher than in 2015 in the run up to the March 21 deadline.
A month ago Fluent also secured investment from Beech Tree Private Equity, announcing that it plans to use the funding to grow the business.