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

Limited growth for seconds market during 2016

This was significantly lower than the 34% growth recorded in 2015.

In the run-up to the Mortgage Credit Directive implementation in March 2016, the second charge market hit record lending figures of £86m, but by April 2016 second charge lending fell by 41% to £51m.

The Enterprise report also cited the UK’s decision to leave the European Union as another disruptor in the market.

Total lending for December 2016 was £874m, a 4% increase on figures for December 2015.

The number of second charge mortgage repossessions in 2016 dropped by 37% from the 2015 figures to 144.

The rate of second-charge mortgage repossessions – as a percentage of average outstanding agreements – fell from 0.34% in 2009 to 0.07% in 2016.

Harry Landy, sales director of Enterprise Finance, said: “Overall, 2016 has been a transition year for the second charge sector.

“However, the market has shown its resilience, and we believe there is cause for optimism in 2017.

“Firstly, the quality of second charge mortgages being issued now is much improved – something reflected in the fact that repossessions are down considerably compared to 2015 – and as more brokers begin to consider second charge for their clients, we expect that we will see growth pick up again.

“The market is in a good place for the coming year, but the truth is that more brokers need to be aware of the benefits of second charge mortgages, as they are now a mainstream alternative to a remortgage or further advance.

“They need to understand the role second charge mortgages can play for their clients.

“Doing so will make sure they participate in the market and can unlock growth.

“We will certainly be continuing our programme of broker education to deliver that outcome.”

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