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Category: Second Charge

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The second charge lending market has officially hit pre-pandemic levels and surpassed the £100m barrier.

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The number of new agreements in May was 1,910, and the value of new business was £84m.

Selina Finance has partnered with Pure Law to deliver completions on its overdraft-style second charge lending facilities.

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Second charge lending has returned to pre-pandemic levels following a 76% record breaking year-on-year increase, according to Loans Warehouse.

Fiona Hoyle said: “The second charge mortgage market returned to growth in April in line with expectations given the adverse impact of the first lockdown on new business levels in the second quarter of 2020.”

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MCI Mortgage Club has entered into the partnership in order to provide members with access to a wider range of second charge and bridging products.

The number of completions dipped below last month’s 2,000 headline, with 1,908 second charge loans being completed in April 2021, but this was still 278% up on April 2020.

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Fiona Hoyle said: “FLA members are increasingly optimistic about the outlook and we expect to see a strong rebound in demand over the next year.”

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Ocean Finance has launched a fully branded version of Nivo’s secure messaging service.

Together’s Prime Plus second charge range is available to network and club brokers through the lender’s specialist distributer partners, and for direct customers.