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Second charge lending hits all-time high

Second charge lending hits all-time high

Second charge lending hit an all-time high of £98.5m in October last year, according to the latest Enterprise Finance Secured Loan Index.

The figure was a 6% improvement on the previous record set in September and represented a 47% increase year-on-year.

Lending slipped back in the following month, with transactions falling to £86.7m, but observers say November typically sees a seasonal decline.

Harry Landy, Sales Director of Enterprise Finance, said: “October saw a record month of secured lending, as the industry continues its dramatic expansion.

“It was always going to be a difficult to maintain these higher levels of lending, with November seeing the typical drop, as expected.

“This seasonal fall in secured lending could be partly due to consumers typically expanding their existing sources of financing such as overdrafts, rather than consolidating their borrowing in the run up to Christmas.”

Annual gross lending rose to £959m in the last two months, and Enterprise Finance said total lending should reach the billion pound mark at the start of 2016.

Elsewhere, the typical size of the first charge that secured loans sit behind fell to £194,644 in November, the lowest level in 2015.

Harry added: “The drop in the average first charge that the secured lending sits behind shows consumers are now taking on less overall borrowing.

“Secured lending continues to become a much more attractive form of capital raising, as borrowers are now choosing it over other alternative forms of finance such as remortgaging or further advances.

“It’s reassuring that even with the significant growth in the market over the last year, lenders have kept sensibly restrained when it comes to loan-to-value ratios.” 

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