London Money has launched a subsidiary specialising in second charge advice called Cardiff Money based in the Welsh capital.

Daniel Yeo has been hired as managing director of Cardiff Money from Specialist Finance Centre, having worked in senior management positions in the second charge industry for the past seven years.

Cardiff Money will specialise in second charge but will eventually look to imitate London Money by diversifying into other areas like commercial.

Martin Stewart, founder of London Money, said: “We are delighted that Dan has agreed to partner with the London Money brand.

“He had a number of alternative offers on the table but once he heard what we were doing and our future plans for the business we were able to agree terms very quickly.

“Dan has an excellent knowledge of the industry and a hunger to succeed and we look forward to helping grow and develop this new venture together.”

Cardiff Money will focus on raising awareness of the value of second charges.

London Money allows mortgage brokers to choose the level of fee they charge clients for second charge mortgage applications.

Yeo said: “I am delighted to be working alongside Martin & Scott.

“They both have very clear ideas on where the second charge industry needs to be going and it was refreshing to hear that those ideas echoed my own long held beliefs.

“I see this as my opportunity to grow and run a business alongside a fast growing brand such as London Money and I can’t wait to take my story out to the people that really matter – my mortgage broker contacts.”