UK Property Finance Announce Full Support of the FCA’s Attitude towards Dealing with Unregulated Finance Brokers

Full Support of the FCA's Attitude

Britain’s leading choice for alternative intelligent finance seeks clampdown on negligent lenders

Unregulated finance brokers who are currently offering inappropriate funding solutions for those in genuine need of responsibly sourced products are finally about to face serious action from the Financial Conduct Authority, a firm decision that the team at UK Property Finance believe is sorely overdue while echoing the sentiments vocalised by the FCA in their recently issued statements.

According to the FCA, many of the mortgages and secured loan products offered to borrowers by unregulated lenders have led to a growing number of both residential and commercial customers facing complete ruin. As a direct reaction to this unprincipled lending practice, the FCA is now advising all potential borrowers to exercise a significantly increased level of precaution when dealing with the brokers and lenders that they are considering applying to for finance.

If you have been offered property finance or borrowed advice from a lender that is not an FCA-regulated body, then it is almost certainly in your best interests not to proceed.

Unregulated lenders should be avoided at all costs

“A large percentage of the problems we have witnessed in the industry, from the crash of 2008 onward, have been caused by regulated brokers participating in activities that are outside the’regulatory perimeter’. However, our resources are limited, and it is therefore essential that we use them as effectively as possible to maximise our impact. If our objectives are endangered by unregulated bodies, then we shall be forced to operate outside the perimeter wherever necessary.” FCA (Financial Conduct Authority)

When it comes to identifying the main root of the problems faced by the financing sector, the FCA is quick and forthcoming to cast the finger of blame directly on those who are involved in unscrupulous lending practices. Each time a borrower decides to work alongside an unregulated finance provider that is not committed to offering a level of service that is completely above board and delivered with assiduousness, a serious and unnecessary risk becomes almost inevitable.

Although a high degree of caution is recommended for those looking for cheap mortgages and other secured borrowing products, it has become increasingly apparent that many are not following the warning. With this in mind, UK Property Finance has advised that if you are going to deal with a broker offering greater levels of convenience than a high-street lender, then you should only do business with an FCA-authorised and regulated broker, regardless of the service or product required.

A dramatic increase in bridging loan popularity

Bridging loans are unique and easily accessible financial products that are suitable for those in need of short-term funds that are to be paid back in either a closed or open timeframe. The team at UK Property Finance has noticed a large and widespread increase in the number of bridging loan applications they have processed over the last few years, with business going from strength to strength. Offering fast and uncomplicated access to exclusive funding that banks and high street lenders are unable to provide, bridging loans are the perfect choice for landlords, developers, and property investors from all backgrounds and in every part of the UK.