Making the wrong decision in the forthcoming European referendum could severely hamper both the mortgage and second charge markets, The Lending Channel MD Alistair Ewing has warned.

Speaking at the Financial Services Expo in Glasgow Ewing said the impact of making a wrong decision could have serious consequences with the UK’s regulatory system set to be harmonised with Europe under the Mortgage Credit Directive.

He said: “The referendum has the ability to impact the market severely. The effects of a wrong decision could be huge with the MCD coming into place on March 21.”

But Ewing said that the implementation of the MCD was a good thing for the second charge market.

“The changes in regulation from the OFT to the FCA is a game charger for the seconds market,” he said. “As a market we have been preparing for March 21 for a long time and the we are in good shape.

“It’s a strong time for seconds.”

FSE Glasgow is taking place at the Hilton, William Street Glasgow until 5pm.