2023 sees increased demand for second charge mortgages

There has been a notable increase in complex second charge lending over the past year, new research from Knowledge Bank and Pepper Money has revealed, as part of its Specialist Lending Study collaboration.

According to Knowledge Bank, not only was there a marked increase in searches, but also in the complexity of cases – presenting plenty of opportunity for brokers as the market begins to expand.

In addition, the research revealed that adverse credit held a strong grip on the top three searches on Knowledge Bank’s platform in 2023.

Shane Chawatama, sales director at Knowledge Bank (KB), said: “It’s brilliant to have worked closely with Pepper Money for this report.

“A special focus on the second charge market felt like the right thing to do given the current landscape.

“At KB we have seen search numbers at high levels this year.

“The complexity of cases is clear to see. Brokers and lenders working together to establish the best outcomes for clients is vital. Notify is proving to provide a solution.

“Connecting brokers and lenders in a transparent manner. Notify is currently available on residential and buy-to-let, we are excited with the plans we have to introduce this solution across the lending types.”