Specialist second charge mortgage lender, Equifinance, has reported a 65% increase in lending volume since implementation of the Mortgage Credit Directive (MCD).

The lender argues that the latest industry volume analysis shows that current market conditions are providing the perfect time for second charge mortgages. It says that, with statistics showing the re-mortgage market stagnant or falling as homeowners take advantage of low interest rates and little desire to move lenders, the Finance and Leasing Association report higher levels of second charges, up by as much as 6% by value and volume and the biggest increase since MCD was implemented.

Tony Marshall (pictured), managing director of Equifinance, said: “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.”