This is the first time lending has dropped below £100m since August 2021.
Related topic: Second charge
Borrowers are looking to pay off costlier debts which might have been subject to increased interest rates in recent months.
The lender has opened up its green range to borrowers with slight adverse credit histories.
Susan Baldwin, interim head of lending at Evolution Money, discusses how a second charge loan could be the solution for clients looking to upscale their business or self-employed...
19% of homeowners are open to second charge mortgages this year to help with existing debt and loan consolidation.
This is the first monthly fall in new business since March 2021.
Higher LTV lending has dropped by 0.8%, likely due to a slight reduction in products since October, a number that is expected to improve in the coming weeks.
Despite the recent fall, total lending for 2022 finished at £1.71 billion which is an increase of over 45% year-on-year.
Tom Whitney, head of second charge sales at Pepper Money, discusses the greater equity stakes that many homeowners now have at their disposal and how second charge mortgages can...
On an annual basis, lending is up 34% by volume and 45% by value compared to the previous 12 months.