Secured Loan Index: Second Charge lending leaps 31% in March

14 April 2021

We can exclusively reveal that 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.

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 lending increasing by 21.8 million, there was just a single day increase in completion time.

Optimum Credit have today released a brand new suit of products called Optimum Plus, this product range has been designed to target underserviced areas of the markets including newly self-employed applicants, complex and multiple income streams, benefits or variable income and offer longer terms for older borrowers

The full analysis is available here: https://www.project-insights.co.uk/securedloanindex/march-2021