Second lending in August down 4%


[ad_1]

According to data collected by Loans Warehouse, lending decreased 4% in the second fee between July and August 2021.

The total number of completions fell to 2,344 last month.

Lending totaled £ 95.5 million in August, a decrease of £ 5.6 million from July 2021.

House purchase

The majority of brokers are seeing an increase in second-load renovations

The average completion times were 17.10 days, 0.5 days faster than in the previous month.

The majority of the products were provided under 85% loan-to-value (LTV) at 75.2%.

The most popular reason for borrowing was consolidation at 47.54%.

This was followed by consolidation and home improvement needs with 29.44%.

Matt Tristram, Managing Director of Loans Warehouse said, “The numbers reported directly to Loans Warehouse by the second-charge lenders confirm that total lending in August 2021 totaled £ 95.6 million.

“While these numbers show a slight decrease from £ 101.2m in July, they show consistency as lending has a three-month average of over £ 100m for the first time since the pandemic began.

“As expected, post-second debit lending is largely above the numbers reported in 2020, with the number up 122% year-over-year in August.

“A more accurate comparison would be the 2019 numbers reported by the FLA, for which August was £ 105 million.

“The most heavily reported change was in higher LTV loans, which were down just under 10% from numbers published in June 2021.

“The second lending that has been carried out since the beginning of the year has now exceeded half a billion, with 595 million.

[ad_2]

About Nina Snider

Check Also

Is a commercialized British military helping China too much? – Palatinate

Through Hannah Redman The latest iteration of the Chinese Communist Party’s plans to undermine critical …

Leave a Reply

Your email address will not be published.