Enterprise Finance and Together completed £4.3m worth of second charge transactions in February.
Enterprise said the rise in transactions was down to getting Mortgage Credit Directive compliant by March 21.
Because of incoming regulation brokers are more likely to consider second charge loans alongside remortgages and further advances if they want to keep the label ‘independent’ in their title.
Harry Landy, sales director of Enterprise Finance, said: “The growth in second charge business is excellent news for both parties, reflecting the strength of our relationship after a decade and a half of working together. With this flourishing partnership, we expect to see further growth and co-operation throughout the rest of 2016, as the second charge market continues to expand.
“February’s success is a welcome reward for both companies after working hard to prepare for the transition to new MCD-regulated processes. Mortgage brokers are now waking up to the opportunities available for their customers in the second charge market, with secured lenders offering serious competition to traditional remortgage providers. Our rapid expansion is enabling us take the lead as a major player in the second charge sector.”
The two companies have been working together for 15 years.
Gary Bailey (pictured), sales director of Together, added: “This is great news; particularly in light of the pressures that both lenders and brokers have faced in February in adapting to MCD processes, and reaffirms both the strength of the second charge market and the ability of the industry to adapt to regulatory changes without impacting lending volumes, while remaining firmly focused on the customer.
“As a result of our long-term relationship, Enterprise Finance has a solid understanding of our requirements, and their ability to identify the right cases for us and to ensure they are packaged correctly is a major contributing factor in achieving this volume.”