Second charge lending totalled £91.4 million in March 2021, a 31.27% increase on the previous month.
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.
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.
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The increase is also significant when you compare year-on-year, with March 2021 just 1.72% below the figures posted in March 2020 – just a 1.5 million difference.
The average completion time shows the industry is well-positioned for growth: despite the monthly second charge lending increasing by 21.8 million, there was just a single day increase in completion time.
Source: Mortgage Finance Gazette
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