Connect with us

Hi, what are you looking for?


Yorkshire-based start-up firm on a mission to save business borrowers money and ensure fairness


An experienced financial expert is striking a blow for business borrowers by checking commercial loans and mortgages for any overcharged interest or incorrect application fees.

Yorkshire-based Secured Lending Audit is a start-up business aimed at helping ensure borrowers are correctly compensated for any mismanagement of a loan or mortgage.

Over the years there have been several examples of where banks and other financial institutions have failed to calculate loan and mortgage interest correctly.

This has resulted in borrowers paying too much interest due to a lack of internal checks.

In 2018, tens of thousands of Halifax customers were paid compensation after it emerged customers had overpaid interest on their mortgages due to miscalculations by the bank, some dating back as far as 2010.

Michael May, founder and director of Leeds-based Secured Lending Audit, said he was passionate about helping people and ensuring fairness in the way financial business was conducted.

“There have been too many horror stories over the years of banks who have treated customers badly and a lot of the trust between lenders and borrowers was broken or at least eroded,” he said.

“When banks regulated themselves, some behaved in a way that was in their own best interests and not in the interests of their customers.

“Despite the majority of lenders being regulated by the Financial Conduct Authority (FCA) there are still areas of concern which customers may not recognise and in the realms of commercial finance there is less regulation for the lenders to comply with, leaving the borrower with a less robust vehicle to challenge their lender.”

Michael said that as not all commercial lenders were regulated by the FCA and that left borrowers exposed to potentially costly mistakes. Even a small overcharge of interest in the past that seems insignificant will, due to the way compound interest works, be of a significant value now.”

“In my eyes, business operations should always be fair and in the best interests of the customer,” he said. “My mission with Secured Lending Audit is to ensure a level playing field.

“It is incredibly difficult for a customer to get a bank to either admit they did something wrong or to make repayments without proper evidence to support the claim.”

Secured Lending Audit uses bespoke software to check loans or mortgages to establish any mismanagement which has resulted in incorrect fees or overpayments in interest.

The financial product must still be ‘live’ or have been paid off within the last six years.

“If the audit establishes that there has been any mismanagement during the life of the product resulting in overcharges of interest or fees, we report the details back to the borrower,” said Mr May.

“Using our team of commercial litigation experts, we then work to reclaim the current value of the error on behalf of our clients.”

Mr May said fairness and transparency was also at the heart of his own business and added: “We are providing a service which offers genuine help so unless there is a fee to be reclaimed, we will not charge for the initial service, this is only due when the repayment from the lender has been received by the borrower.”

Mr May said while FCA-regulated lenders operated under the highest standards, the same wasn’t necessarily true for those that were unregulated.

“Without this obligation there is often a lack of investment in internal compliance, auditing and infrastructure and mistakes can be made which go undetected, maybe for the lifetime of the loan or mortgage.” he added.

“I want to help borrowers and level up the playing field and if the unregulated lenders know we are here and carrying out independent audits it may encourage them to look at their products more closely and ensure they deal fairly with their customers.”

Read more:
Yorkshire-based start-up firm on a mission to save business borrowers money and ensure fairness

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



GAELLE MARCEL-UNSPLASH In November 2022, I had the privilege of being the discussant of a paper by Dr. Helena Agnes Valderrama, professor at the...


IN THE MIDDLE of winter, on a cold, grey day, it’s easy to find yourself yearning for some summer warmth. It’s also easy to...


By Michael Taylor IZUDDIN HELMI ADNAN-UNSPLASH KUALA LUMPUR — Malaysian Chuan Zhen Ko’s passion for clean energy and climate change was first ignited by...


THE PHILIPPINE chess team quietly left the country a week ago with nothing in mind but a miracle in the 1st FIDE Olympiad for...


IT was another day at the office for World No. 3 pole-vaulter EJ Obiena. The Filipino world championship bronze medalist brought his winning ways...


KAI Sotto and the Adelaide 36ers crashed out of playoff contention in the 2022-2023 Australia National Basketball League (NBL) with a costly 116-107 defeat...

You May Also Like


Browsing history makes referring to sites and pages you’ve visited in the past seamless. It’ll help you recall what page you checked out on...


The minute that any question pops into your head, you can simply ask Google. No longer do we have to pour over books and...


Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...


Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Disclaimer:, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.