The Access 4 Finance Story

The Evolution of The Second Charge Loan Industry.

Access 4 Finance was born as a second charge packager in the heart of Rotherham in May 2012. Scott Thorpe the current sole owner and director had been in the second charge industry since 2007 and after being involved in the industry for a short while realised there was a better way for a packager to be ran.

The industry was rife with the high fee’s that were being charged under the old CCA regulations; up to 15% for the packaging of second charge loans in the late 2000’s. There was also a feeling amongst the intermediary market place that they may not be getting the correct share of the commission due; higher commission deals, free IPADS you name it were given away to entice brokers, but these were offset by the higher packaging costs being deducted from the introducers commission.

Therefore in the May of 2012 Access 4 Finance entered the market place with the key mantra of transparency,transparency & you guessed it transparency

  • We brought in the first ever choose your own broker fee where the introducer decided upon the fees charged on the deal, resulting in lower fee’s for their clients.
  • We campaigned for a full transparent commission trail to the introducer, showing clients the commission statement we received from the lenders and the invoices we received for the associated costs.

We also went off piste compared to the big boys as we opted for a no frills airline approach, no fancy gimmicks, no expensive office and no company cars and with lower overheads we able to reduce the reduce the cost to the clients. However one thing we didn’t scrimp on was quality, expertly trained staff as to ensure the best level of service for you and your client.

Moving forward to present day and we have now seen the implementation of MCD which has resulted in the Second charge market moving into the mortgage regime. This has resulted in the industry having a more transparent approach which is what we have always wanted & which we hope will result in you as the intermediary look to place more deals.

At the time of implementation the Regulator commented: "In light of the transfer of second charge mortgages to the mortgage regime we believe that this should be extended so that in all such sales the customer is made aware that in addition to a further advance or remortgage, a second charge or unsecured loan may be more appropriate".

Having recently brought on new staff, we have moved offices to a bigger premises and as you may have guessed we have stuck with our no frills approach meaning no break rooms, no glass boardrooms but simply just a good place to work and continue to deliver on quality without adversley affecting the cost to the client.

Demonstrating that our approach to packaging really does work we were nominated in the much coveted Loan Talk Awards for the best small broker in 2015 & were highly commended in the 2016 Awards.

For more information or if you have any questions, please don't hesitate to call us on 01709 205854 or email us at 247@access4finance.co.uk.

In light of the transfer of second charge mortgages to the mortgage regime we believe that this should be extended so that in all such sales the customer is made aware that in addition to a further advance or remortgage, a second charge or unsecured loan may be more appropriate