The value of new business for second charge mortgage lending was £242m in the three months leading up to November last year, 11% more than the year before.
There were well over 5,000 new agreements in the three months to November, an increase of 7.2% on the previous year. The market saw £80m of second charge business in November alone, an increase of 3.7% year-on-year.
The second charge mortgage market reported further sustained growth in December, and in the first 11 months of 2017, new business volumes increased by 13.8% compared with the same period in 2016.
Lenders remain focused on fully embedding the new regime, which sees first and second charge mortgages regulated on the same basis. This has helped highlight the benefits a second charge loan can have too many borrowers around the Country.
Due to the second charge market growing so quickly lenders have produced many new and innovative products to suit most needs. With the loan choices available it is highly recommended for potential borrowers to seek broker advice, a wrong move without advice could cost thousands extra in interest payments. A professionally qualified broker will assess the client needs and recommend the appropriate products accordingly.
Can we help?
A second charge loan will not always be the best advice, please do make contact and one of our fully qualified advisers will be happy to explain the options open to you.