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Do you expect to see less or more second charge mortgage lenders in 2018?

OSB reports second charge lending drop

Money drop

OneSavings Bank has revealed that during the first half of 2017 its second charge lending fell significantly compared with H1 2016.

The specialist bank reported £24.9m of second charge lending for H1 2017, a drop on the £42m recorded in the first half of 2016.

OneSavings Bank provides second charge finance through its Prestige Finance brand. 

The bank reported that it saw a reduction in originations in the residential sector in the first half of 2017, falling to £131.9m compared with £172.9m the year before.

This was primarily put down to the fall in second charge lending. 

The second charge residential loan book reduced by 7% as of 30th June 2017 with a gross value of £455.3m (31st December 2016: £487.2m). 

“We continue to maintain appropriate pricing for risk in the second charge residential market, which has seen downward pricing pressure as a result of new entrants and an increase in competition,” said OneSavings Bank in its interim report. 

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