"Favourable market conditions across a number of measures, means that second charges are clearly seen as the flexible choice for many, and we’re seeing higher business volumes as a result."
Equifinance has seen a 65% increase in lending volume since MCD was implemented, which it says is due to increased adviser awareness and more homeowners opting for a second charge as a result.
The lender says that the equity available to homeowners due to rising house prices is more than ever in recent times, making a second charge the obvious choice to raise funds in order to clear debt or improve their home.
Tony Marshall, Managing Director of Equifinance, commented: “There’s never been a better time to unlock the equity in a home. High property values and low mortgage rates has created perfect conditions for homeowners to make use of their primary asset to resolve other aspects of their finances which may have been brushed under the carpet for a few years.
"Favourable market conditions across a number of measures, means that second charges are clearly seen as the flexible choice for many, and we’re seeing higher business volumes as a result. Our individual underwriting on each case and pragmatic solutions are also key factors in the increased volumes.”
