London Money Group is set to launch into the second charge mortgage market with a new packaging proposition.
The new proposition, London Money Loans, has been founded by Martin Stewart, Scott Thorpe and Dan Barker with the aim of increasing access to second charge mortgages.
Thorpe said “We believe the market is set for rapid growth in the years ahead, particularly in London and the South East where clients tend to come with more complicated back stories.
“We understand that trying to enter this market requires a different approach and leveraging an existing London centric brand like London Money made logical sense. Furthermore, this is a broker driven proposition with like-minded people helping and encouraging those that may be a little lost with all the recent changes”
Stewart added: “Under the new Mortgage Credit Directive (MCD) rules mortgage brokers now have to consider the second charge option for their clients.
“I have spent a lot of time in the past 6six months canvassing brokers and many of them were confused by this specialist market. We now want to help change this and so with continued support and training for all introducers we hope to educate brokers and encourage them to embrace change. I firmly believe that where there is regulation there is also opportunity.”
London Money Loans main office will be based in Victoria but the packaging will be done in South Yorkshire headed up by Scott Thorpe who also owns Access 4 Finance.
Thorpe said: “Having two offices will give us the best of both worlds -being able to meet introducers and clients inside London, and also being able to take advantage of the low overhead cost outside of the South East. This will then enable us to pass these savings onto our introducing brokers.”
To kick off London Money Loans has announced a series masterclasses to help introducer’s spot opportunities.
The first master class will be May 4 in the Victoria office with guest speaker Maeve Ward, sales and operations director, second charge mortgages at Shawbrook Bank.
She said: “We’re delighted to announce this key partnership with London Money Loans, we have known the individuals for many years and look forward to helping and supporting this new proposition. “