Freedom Finance refreshes Freedom 4 Intermediaries proposition

Freedom Finance has launched a refreshed proposition to support brokers through its Freedom 4 Intermediaries division.

The specialist second charge mortgage broker helps intermediaries find the right borrowing solution for their clients, and it has now updated its processes, the service provided to intermediaries, and the speed to loan from first enquiry.

Freedom Finance says it has launched the refreshed offering in response to increasing demand from intermediaries for second charge products. In 2023 alone, it has seen a three-fold increase in enquiries from intermediaries, mirroring the growth seen in the wider market – in 2022 the value of new business in the second charge mortgage sector increased 40% to surpass £1.5 billion and the number of new agreements also rose by nearly a third (31%) to exceed 33,000, according to the FLA.

The incoming Consumer Duty also places greater emphasis on intermediaries to find personalised solutions for their customers to drive good outcomes. This may increase the number of people who could benefit from exploring the second charge mortgage option following rapid Bank of England rate rises which may make remortgaging less attractive and the cost of living crisis which is driving greater interest in debt consolidation.

Nick Jones – who joined the business earlier this year – will lead the strategic development and growth of Freedom 4 Intermediaries.

Nick Jones commented: “The update to our proposition for intermediaries comes at a hugely exciting time for the second charge mortgage sector.

“Tailwinds ranging from rate rises and tightened affordability in the first charge mortgage market to a growing demand for debt consolidation mean that an increasing number of intermediaries should be considering second charge mortgages for their clients.

“Our service delivers excellent results for intermediaries, helping them to grow their business and aiding them to support the regulatory demands of the upcoming Consumer Duty by embracing the spirit of variety and personalisation.”

Richard Sharp, managing director of Freedom Finance Mortgages, added: “The refresh is a key initiative for Freedom Finance and brings a focused and market-leading proposition to the intermediary market, which becomes ever more important when considering the macro economic impacts we are currently experiencing within the UK. I look forward to Freedom Finance partnering with the intermediary market and delivering fantastic financial solutions to all of our customers.”