“It’s business as usual in Lockdown 2, with no significant changes or restrictions to the criteria announced after the Prime Minister announced a second lockdown.”
The Loans Warehouse Secured Loans Index shows lending volumes totaled Â£ 71million in October, a monthly increase of Â£ 19million. Completions totaled 1,816, an increase of 31% from September, while the average completion time between submission and completion improved by one day to an average of 11 days over the course of the year. month.
Figures released in August 2020 by the FLA showed 100% growth in second charge loans since the lockdown in May, with Loans Warehouse predicting the numbers to double again in the fourth quarter of 2020.
To view the full report, visit https://www.project-insights.co.uk/securedloanindex/october-2020.
Matt Tristram, Managing Director of Loans Warehouse, commented: “The message from the secured lending industry this month is very clear: It’s business as usual in Lockdown 2, with no significant changes or restrictions to the criteria announced following the Prime Minister’s announcement. a second locking.
âWhen the coronavirus hit in March, loan numbers fell by over 80%, but this time around it’s very different, as October posted the strongest monthly growth of 2020.
âThis time around, there are no restrictions on physical ratings and for over a decade the industry has had a wide range of products available using Hometrack or similar desktop rating models.
âThe optimism comes from several lenders who have announced securitizations in recent weeks.
“We first saw Optimum Credit, owned by Pepper Money, announce the first securitization specifically for second charges since the start of the pandemic to the tune of Â£ 277million, a huge relaxation of the criteria was followed to ensure a return to pre-Covid loan levels in the coming months.
âWest One’s parent company, Enra Specialist Finance, has also announced its very first securitization of Â£ 267million to be split between its first and second charge products. “