Second charge distributor Freedom Finance has launched a refreshed proposition to support brokers through its Freedom 4 Intermediaries division.
This was in response to increasing demand from intermediaries for second charge products.
Freedom 4 Intermediaries was launched as a specialist second charge broker, providing intermediaries the opportunity to grow their business offering with no additional compliance or regulatory risk.
So far in 2023, the firm 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 £1.5bn and the number of new agreements also rose by nearly a third (31%) to exceed 33,000.
The incoming Consumer Duty has also placed greater emphasis on intermediaries to find personalised solutions for their customers to drive good outcomes, potentially increasing the number of brokers and clients exploring second charge options.
Richard Sharp, managing director of Freedom Finance Mortgages, said: “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.”
Nick Jones (pictured) – who joined the business earlier this year – will lead the strategic development and growth of Freedom 4 Intermediaries as director.
Jones said: “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.”
Read an in-depth interview with Nick Jones in the upcoming June issue of The Intermediary.
