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Lender reports 65% lending boost since MCD
The firm attributed this growth in part to a stagnant remortgage market as well as homeowners taking advantage of low interest rates following the Bank of England cuts.
The news reinforces figures from the Finance & Leasing Association, which reported a 6% rise in value and volume since the MCD was implemented.
Tony Marshall, managing director of Equifinance, said: “There’s never been a better time to unlock the equity in a home.
“High property values and low mortgage rates has created perfect conditions for homeowners to make use of their primary asset to resolve other aspects of their finances which may have been brushed under the carpet for a few years.
“Favourable market conditions across a number of measures means that second charges are clearly seen as the flexible choice for many, and we’re seeing higher business volumes as a result.”
Equifinance stated that the MCD had helped to better explain and therefore increase understanding of second charge mortgages.
Meanwhile, more homeowners are now opting for a secured loan to sit as an extension to their primary mortgage debt, without worrying about early repayment charges.
The firm also claimed that rising house prices had meant that homeowners had more equity available, making second charges a more attractive means of raising funds.
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