Alison Houghton-Corfield talks second charges at Club Extras with Legal & General’s Jeremy Duncombe

This month, Freedom Finance’s Intermediary Sales and Business Manager, Alison Houghton-Corfield, spoke at Club Extras, Legal & General’s support network for brokers. Alison spoke to Legal & General Mortgage Club Director Jeremy Duncombe about the growing importance of second charges for mortgage brokers and customers, particularly with the looming implementation of the Mortgage Credit Directive at the end of March.

Speaking to the group, Alison said: “Mortgage brokers can no longer afford to ignore second charges. If they are not offered within the scope of service, brokers cannot claim that they are quoting against the whole market, and can only advise on first charges, which may not fully suit the needs of the client.”

Attendees at the event were reminded that consumers are now savvier than ever, so if they suspect that they can get a better deal elsewhere, they are only a click away from a competitor. By depending on first charges, brokers may therefore be alienating potential customers or advising them to pay extra charges that they may not have to. Second charges can prove more affordable and attractive to certain customers, Alison explained, including those with high levels of adverse credit who may be unable to find funding on the high street.

“Many brokers, understandably, may not yet feel confident advising on second charges, but Freedom Finance can offer specialist broker support in this area,” she added. “We tailor our support to the needs of the broker and their client, from simply providing the necessary technology, to directly advising the client on the broker’s behalf.

Second charges really play to our strength, since our expert support team can help give brokers back their precious time to spend on other valuable cases.”

In conclusion, Alison said: “It’s vital that brokers are able to offer a more holistic range of services to their customers. If they ignore second charges they risk losing their client’s attention, as well as their custom. Through the intermediary support team, Freedom Finance can help brokers provide a better service to their clients, whilst remaining competitive, and avoiding potential client attrition.”

Listen to the full webinar here: 

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