Specialist finance broker, The Loans Engine (TLE), has announced it has received formal confirmation from the Financial Conduct Authority (FCA) that its application for the permissions necessary to continue broking second charge mortgages, on the implementation of the Mortgage Credit Directive (MCD), has been approved.
The Financial Services Register will be updated to reflect TLE’s mortgage permission when MCD comes into effect on 21st March 2016. TLE is also registered for Consumer Buy to Let activity and has received its full Consumer Credit permissions.
TLE believes it is only one of a handful of second charge specialist finance brokers in the marketplace to receive such confirmation at this time, along with its full consumer credit permissions.
Ryan McGrath, Chief Executive of The Loans Engine, said:
“This confirmation from the FCA is a hugely significant moment for the business. It’s the result of an incredible amount of hard work from many in the TLE team who were involved in the process. As a leading player in the second charge marketplace we wanted to ensure we obtained permissions for broking second charge mortgages as early as possible, so we’re fully prepared and ready to support our intermediaries and their customers when MCD comes into effect. It’s an extremely proud day for all at TLE and we are looking forward to developing our proposition further in our quest to be the ‘go–to’ second charge specialist for second charge loans, unsecured loans, bridging and commercial finance.”
As one of the UK’s largest Master Brokers, TLE has a 27-year heritage and is responsible for one in 10 of all UK second charge loans.