51% of brokers affected by the Mortgage Credit Directive (MCD) expect more second charge mortgage business to be written as a result of the changes brought in, according to United Trust Bank.

Its survey, carried out amongst brokers working in the mortgage sector, also found that nearly a third of brokers (31%) felt that the MCD had impacted where they now placed their business and a further 25% thought it was still too early to tell.

Robert Owen, director of mortgages and bridging at United Trust Bank, said: “Having launched 12 months ago with the MCD firmly in mind, it is pleasing to see the steady growth in volume has continued, despite the changeover which took place in February. In fact business has grown as a result of the regulatory changes.

“There’s a place for both seconds and remortgages in the adviser’s toolbox but in my view the MCD has certainly elevated the profile of second charge mortgages. Hopefully the further development of the second charge market will give homeowners more financial options and lead to less people reluctantly switching their entire mortgage just to fund home improvements.

“We’re continuing to develop our specialist mortgage offering at UTB with new products planned for the future. We’re also recruiting several customer experience focused mortgage professionals to fill key underwriting and administration roles in the specialist mortgages team, so this is a very exciting time for the Bank.”