Second charge lending reached £123.6m in October, an increase of 74% from £71m the same month last year
October lending was 12% higher than September’s figure of £110.2m, taking the total for 2021 up to £924.6m, meaning it is “almost guaranteed” to surpass £1bn by the year end.
The number of completions jumped 56% year on year to 2,839 in October, marking a new record.
Lending was boosted by new entrant Selina Finance and the removal of almost all pandemic restrictions.
More choices in the second charge market
It is without doubt that secured lending popularity is increasing on a daily basis. Second charge mortgages have increased month on month and continue to do so.
Before you take out a loan of any kind make sure you check whether this form of lending could help you.
Unsecured lending (payday lenders) is so expensive when you analyse the annual interest rates on offer. Homeowners are waking up to this fact and switching to the cheaper and safer secured lending option.
The largest growth area of loans is to the self-employed and the good news is there are plenty of different plans to suit each individual case. Loans can be fixed for various terms which can give peace of mind, or you may wish to just take the standard discounted variable rate.
Second charge lending is so easy and quick to secure, lenders are increasing their portfolios at a rapid rate. An average case presented will complete in approximately 18 working days, as you can see this is so much quicker than the standard re-mortgage.
Need some assistance?
If you think this type of loan could assist you in your future planning it is particularly important to ensure you get the correct deal to suit your needs. There are many different lenders offering numerous second charge loans so please do call our independent advisers who will be happy to help you achieve the correct loan for your needs.
October lending was 12% higher than September’s figure of £110.2m, taking the total for 2021 up to £924.6m, meaning it is “almost guaranteed” to surpass £1bn by the year end.
The number of completions jumped 56% year on year to 2,839 in October, marking a new record.
Lending was boosted by new entrant Selina Finance and the removal of almost all pandemic restrictions.
More choices in the second charge market
It is without doubt that secured lending popularity is increasing on a daily basis. Second charge mortgages have increased month on month and continue to do so.
Before you take out a loan of any kind make sure you check whether this form of lending could help you.
Unsecured lending (payday lenders) is so expensive when you analyse the annual interest rates on offer. Homeowners are waking up to this fact and switching to the cheaper and safer secured lending option.
The largest growth area of loans is to the self-employed and the good news is there are plenty of different plans to suit each individual case. Loans can be fixed for various terms which can give peace of mind, or you may wish to just take the standard discounted variable rate.
Second charge lending is so easy and quick to secure, lenders are increasing their portfolios at a rapid rate. An average case presented will complete in approximately 18 working days, as you can see this is so much quicker than the standard re-mortgage.
Need some assistance?
If you think this type of loan could assist you in your future planning it is particularly important to ensure you get the correct deal to suit your needs. There are many different lenders offering numerous second charge loans so please do call our independent advisers who will be happy to help you achieve the correct loan for your needs.