Standards in the second charge mortgage market need to be improved, says FCA

The Financial Conduct Authority is calling on all second charge firms to consider the findings carefully and take appropriate action (Joe Giddens/PA) - (PA Archive)

Some homeowners taking out certain types of mortgages which allow them to borrow extra money could be at risk of financial harm, the City regulator has warned.

The Financial Conduct Authority (FCA) looked at second charge mortgages, which enable homeowners to borrow additional cash using the equity in their home, without having to change their main mortgage.