BLSMEXPO 2014: Brokers need seconds education

Brett issued his warning at the Blimey Loans Mortgage and Finance Expo Scotland where he was a panel member discussing the industry.

He said: “It is important that we, as lenders, educate the broker community about second charges.

“In turn that will allow brokers to educate consumers about the market. Unfortunately there is a level of naivety and ignorance about what we do.”

And Brett attributed that some of that ignorance to the fact that high rate lenders have dominated the headlines in recent years.

He said: “Payday lenders and their like have seen a lot of press lately. Unfortunately because they are charging the highest rates they are able to spend the most on marketing.

“We must ensure that we educate people on the whole market.”