Category: Second Charge

Davidson was speaking after the FCA published findings on how lenders are dealing with customers who fall into long-term mortgage arrears this morning.

The regulator said some lenders weren’t properly keeping records, causing customers to have to repeatedly state their circumstances and therefore potentially become disengaged.

Richard Adams from Stonebridge Group won The Lifetime Achievement Award.

There was an 8.4% rise in people applying for a second charge in the first half of 2018 compared to the corresponding period in 2017.

He said Fluent has seen more enquiries for complex cases and technology will help firms deal with these.

In this time, the market for second charge loans has grown steadily, with annual figures from the FLA showing it has become a £1bn market.

Y3S Bridging & Commercial has bought out competitor FTO Bridging Loans.

The number of second charge mortgage repossessions in Q3 2018 was 36, the lowest since the same quarter last year, where there were 34, the Finance & Leasing Association has found.

Maximum LTVs was in the top five of almost every one of the eight different lending types that Knowledge Bank enables brokers to search on, its Criteria Activity Tracker for October has found.

Vida Home Loans has withdrawn from the second charge space following its entrance earlier this year.