October’s monthly lending reached £49m, an 11% increase on October 2013’s new business value while September saw a 41% increase year-on-year to £52m.
Geraldine Kilkelly, head of research and chief economist at the FLA, said: “The latest figures for November suggest a quieter couple of months in the second charge mortgage market, but 2014 was a good year overall for the market with new business almost certain to be at its highest level since 2009.”
Second charge lenders spent the last month of 2014 fine tuning their product ranges to make their deals more attractive to a wider audience.
Blemain Finance and Central Trust both cut rates and simplified their criteria while Nemo introduced two new large loan plans and increased the availability of desktop valuations.
Matt Tristram, director of second charge broker firm Loans Warehouse, said: “The improved products, offering more than just a reduced interest rate are sure signs that secured loans are starting to have a broader appeal. The continued improvements are proof once again that the lenders in our industry have got a strong appetite to lend.”
