Second Charge Lending
Second charge lending up 13 per cent as product ranges improve – Loans Warehouse
Guest Author:
James StauntonIn November £80m of second charge loans were completed, an increase of £9m on October volumes of £71m, according to Loans Warehouse.
Matt Tristram, managing director of Loans Warehouse (pictured), predicted lending volumes would return to pre-pandemic levels in the first quarter of 2021 as lenders lower prices.
The firm said the 13 per cent increase in November was driven by product range improvement.
Completions rose 12 per cent from approximately 1,800 in October to 2,050 in November.
But Loans Warehouse also admitted completion times had slowed by almost 20 per cent as the average time between submission and completion increased from 11 days in October to 13 in November.
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The changes are based on numbers reported by second charge lenders including Optimum Credit, Oplo, United Trust Bank, Masthaven, Norton Home Loans, Equifinance, Evolution Money, and Clearly Loans.
Loans Warehouse was granted full authorisation by the Financial Conduct Authority (FCA) to conduct regulated bridging advice in August.