V Loans implements MCD changes

V Loans will switch over to the new regulatory framework from today to ease any issues for customers struggling to complete Consumer Credit Act loan applications before the March 21st deadline.

V Loans' Second Charge Advisory Service enables networks, firms and advisers to ensure clients have full access to second charge lending when a re-mortgage to a first charge is either unsuitable or unavailable.

V Loans is also proving a second charge sourcing and administrative service for brokers who want to retain ownership for the second charge advice process helping them to retain their independent status without significantly impacting on resource.

Marie Grundy, managing director of V Loans, said:

“It is clear that mortgage intermediary firms have differing appetites as to how they incorporate seconds within their sales process which is why we have developed separate models to address the needs of our broker partners.  

“Ultimately by retaining the option to continue to give their clients access to an extensive range of specialist lending options, it will be hugely beneficial to those borrowers who would have previously been offered a narrower selection of products to meet their financial needs.”