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PTFS closes down secured arm

Personal Touch Financial Services has revealed it is shutting down its secured loan subsidiary, needaloan.co.uk.

The second-charge loan provider was bought by the network in June 2008, but has now been wound down due to the moribund secured loan market.

PTFS advisers can still access secured loan finance through Gateway2Finance, which will offer a white label Personal Touch secured loan.

PTFS sales director Dev Malle says: “It became uneconomical to run needaloan.co.uk, and we are of the view that the second charge mortgage market isn’t coming back any time soon.”

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