The number of second charge loans agreed in February was 13% higher than the same time last year at 2,435 figures from the Finance and Leasing Association reveal.
However, the data pre-date the covid-19 pandemic hitting the UK and the ensuing lockdown, which put the brakes on the property market.
The volume of loans agreed in February was 9% higher than a year earlier at £107m.
The total number of secured loans agreed over the 12 months to February reached 28,512, an increase of 18% on the previous year.
By value, lending was also 18% higher in the year to February at £1.28bn.
The second charge mortgage market made a positive start to 2020, but the mortgage market faces serve disruption from the impact of the coronavirus on the economy.
Lenders are doing their best to support customers during these unprecedented times, and any customer facing repayment difficulties due to the Coronavirus should contact their lender as soon as possible to discuss the help they need.
Looking to raise funds?
We are living in very strange times and many things are not clear, if you are looking to raise funds as and when this crisis is over it is strongly recommend getting the “ball rolling” sooner rather than later.
All experts are predicting there will be a huge surge of lending applications later in the year, so getting your requirements in place now would be a sensible move.
Like to discuss your lending needs?
If you would like to know more about raising funds from the equity within your property do make contact, one of our fully qualified independent advisers will be happy to assist.