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

Annual second charge lending set to pass £1bn mark

Annual second charge lending set to pass £1bn mark

Annual second charge mortgage lending is now worth over £900m and is expected to pass the £1bn mark early next year.

According to the latest Enterprise Finance Secured Loan Index, monthly lending rose to £93.3m in September, and is now one-third higher than a year ago.

It says the market is booming as more intermediaries wake up to the potential of second charge mortgages ahead of the introduction of the Mortgage Credit Directive.

Harry Landy, Sales Director at Enterprise Finance, said: “Preparations for the implementation of the European Mortgage Credit Directive continue apace and brokers are realising that if they don’t offer second charge mortgages in addition to first charges, they are not only potentially doing their clients a disservice by not considering the full range of potential options, but won’t be truly whole of market and may have to become restricted advisers.”

Although the market is growing, average loan sizes have remained steady, rising by 0.7% between July and September, to £56,553.

Harry added: “The continued rise in monthly secured lending against a backdrop of consistent average loan sizes gives some indication of quite how quickly transaction levels are rising.

“Average loan to value ratios have also held steady as demand for second charge mortgages goes from strength to strength, which shows that borrowers and lenders alike are not taking on riskier loans than previously.”

Average LTVs in September were 61%, which is in line with the long term trend.

Last month, Enterprise
rebranded its website and logo in preparation for next year’s introduction of the Mortgage Credit Directive.

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