On March 21st 2016, the second charge market will be aligned with first charge mortgages, and as such, they will be subject to regulated mortgage contracts in order to provide consistency across the mortgage market and to give appropriate protection for the consumer.
This is the biggest change to impact the second charge market for some time and with less than 12 months until the new regime comes into effect, Shawbrookâs Secured Lending team wants to ensure that it is leading the way in supporting its partners.
There will be four Academies taking place during July, one each week, starting in Manchester, then Hertfordshire, Birmingham and Cardiff.
The Academy will cover in detail FCA and compliance regulation. However, to ensure that Shawbrook remains independent, the Bank has engaged the services of SimplyBiz to help its Partners to interpret the rules and regulation alongside offering them their services to assist with building the foundations for the future.
Whilst the July Academies are for its existing Broker Partners, Shawbrook plans to host further Academies later this year. These will be available to new Broker Partners, with the aim of creating awareness and education on the opportunities for second charge mortgages as we move towards 21st March 2016, where all intermediaries will have to disclose a second charge mortgage alongside a remortgage or further advance.
