Shawbrook Bank have released its fourth instalment of its podcast series.
The latest episode of ‘A Conversation with Shawbrook’ was hosted by Gavin Seaholme, head of sales for Shawbrook’s property finance division.
Seaholme and guest Barney Drake, chief executive of Specialist Mortgage Group (SMG), discussed what this year has in store for the second charge mortgage market.
Seaholme and Drake looked at the impact of the pandemic on the second charge market, and the key drivers of growth.
They also discussed the uptick in customers looking to use second charge lending for debt consolidation, the upcoming FCA deadline for credit card companies to assist customers who are in persistent debt, and how more education across the property sector on persistent debt is needed.
Seaholme said: “The second charge mortgage market saw real momentum at the beginning of last year, and despite challenges throughout the rest of the year saw a resurgence towards the end of 2020.
“Momentum looks to be continuing into 2021 with customers looking to use second charge lending for consolidating debt, financing home improvement projects after spending more time at home and for specialist lending solutions they may not be able to access through traditional lenders.”