EXCLUSIVE: Second charge lending leaps 31% in March
Second charge lending totalled £91.4 million in March 2021, a 31.27% increase on the previous month, according to research from Loans Warehouse in partnership with Insights, Barcadia Media's independent market research portal.
"Despite the monthly lending increasing by 21.8 million, there was just a single day increase in completion time."
March 2021's lending total is now just 1.72%, or £1.5m, below the figure posted in March 2020.
The number of completions also topped 2,000 for the first time since the pandemic began, with 2,202 second charge loans funded in March 2021.
Matt Tristram, managing director of Loans Warehouse, commented: "The increase in the number of high LTV mortgage products returning to the market in recent months seems to have started to impact the second charge market, with a decrease of 4.18% being recorded for loans over 85% LTV.
"The average completion time shows the industry is well-positioned for growth: despite the monthly lending increasing by 21.8 million, there was just a single day increase in completion time."
To see the full report, visit https://www.project-insights.co.uk/securedloanindex/march-2021.
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