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13 May 2016

London Money Loans has confirmed that James Briggs from Precise Mortgages will be the key speaker at their next Second Charge Masterclass.

Martin Stewart Director “The second charge industry is quite rightly in the news and we have teamed up with our key partners to create greater awareness and education for a product that now sits side by side with first charges. After Maeve’s outstanding presentation we are now keen to bring others in. We have great respect for the way Precise Mortgages have positioned themselves in the lending environment and delighted that they have agreed to support our second presentation.”

This follows on from their successful inaugural seminar held in association with Maeve Ward from Shawbrook Bank from which over £1.5million of new enquiries were generated within a week of the event.

Maeve Ward “I was delighted to be asked to present and be given the opportunity to create awareness and education on the specialist second charge mortgage market.

Whilst I was encouraged at the awareness of the need to disclose a second charge mortgage alongside a re-mortgage and further advance in any capital raising situation, I wasn't surprised by the lack of awareness on where and how a second charge mortgage may present itself as an opportunity. There are myths that still surround the sector - high rates, high fees, little product innovation and long process times, all of which I was only too happy to dispel! What I was really encouraged to see was the desire to understand the sector.

I was also delighted to see that I was able to make a difference - when the session started, there was little or no second charge mortgage business being identified and written. It finished with several opportunities being identified - presenting outcomes for customers that may not have been possible if London Money had not hosted the work shop.”

London Money Loans are a new entrant packager in to the second charge market and they are looking to fill what they believe to be an obvious gap in the market – a broker led proposition purely for the benefit of other brokers.

Kieran Hayes from Hayes Finance who attended the first seminar commented:

“LML have a great insight into the market and are able to provide an excellent service that understands an independent broker’s needs. They communicate well, are transparent and have TCF and the right outcome for the client as a key part of their culture.”

A recent article in Mortgage Solutions highlighted that advisers are still wary of the “colossal fees“ that have historically been associated with the specialist lending industry.

Another LML attendee, Sebastian Riemann from Libra Financial Planning noted:

“The main thing I took away from the LML Masterclass was that WE as brokers should be in control of the fee structure not anybody else. This, to me, was a huge mental barrier that I had to overcome first before I could get comfortable with advising on second mortgages.”