London Money enters second charge market


London Money Group is launching into second charge mortgages market with new brand London Money Loans.

A London Money statement says the firm predicts solid growth in second charges.

London Money founder Scott Thorpe says: “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.

“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.”

London Money founder Martin Stewart says: “I have spent a lot of time in the past six 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.”

Stewart adds: “I believe more mortgage prisoners have been created from the Mortgage Market Review and MCD than from the credit crunch itself, and second charge mortgages have gone some way to addressing that issue for our clients.”

London Money is based in Victoria, London, but packaging will be done in Yorkshire by Thorpe, who also owns Access 4 Finance.

London Money will be running second loan masterclasses to help brokers spot opportunities.

The first will be on 4 May in the firm’s Victoria office.