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Second charge sector reaches £1.02bn


Second charge

Second charge mortgage lending grew 9% during 2017 as it surpassed the £1bn mark, a new report has found.

The sixth edition of Enterprise Finance’s second charge report found that £1.02bn was lent in the 12 months of 2017, compared to £874m in 2016.

The research – which is based on data from the Finance & Leasing Association, Enterprise Finance’s expertise and wider industry input – also found that second charge mortgage new business had increased in volume of transactions as annualised numbers of cases advanced grew by 14.4% between March and December 2017.

Harry Landy, managing director at Enterprise Finance, said that the second charge mortgage market had seen a very positive 2017.

“Proliferation of products, attractive interest rates and fees that, for Enterprise at least, have reduced by an average of 40% have increased the potential of the sector.

“Moreover, several fundamental drivers – increasing levels of home improvement investment, greater needs to manage growing unsecured debt and the potential of the BTL market – give us good grounds to believe that the recovery of market expansion seen in 2017 will continue in 2018.”




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