Second charge lending pegged at £95.6m in August

  • 22/09/2021
  • 0
Second charge lending pegged at £95.6m in August
The second charge mortgage market has continued to show strong recovery as lenders lent £95.6m in August.


According to Loans Warehouse secured loan index, second charge lending is £5.6m lower on the previous month, but more than double the amount from August last year.

However, the report said lending was at a three-month average of over £100m for the first time since the pandemic started.

Completions in August came to 2,344, which was four per cent down on the previous month.

For the year-to-date, second charge lending had reached £595m in second charges completed and Loans Warehouse said new lending figures continued to improve.

Most loans were consolidation loans, which accounted for 47.5 per cent of completion. This was followed by consolidation and home improvements at 29.4 per cent and home improvements at 18.2 per cent.

Average completion time improved slightly to 17.1 days, half a day faster than July.

Around three quarters of loans were below 85 per cent loan to value (LTV), with the remaining quarter above 85 per cent LTV. The average term also sat at nearly 17 years.

The report collates information from second charge lenders including Optimum Credit, Oplo, United Trust Bank, Together Money, Masthaven, Norton Home Loans, Equifinance, Evolution Money, Spring Finance and Clearly Loans.


There are 0 Comment(s)

You may also be interested in