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Second charge lending reaches 5-year high

Second charge lending was up 13.7 per cent year-on-year in March.

According to the latest Enterprise Finance secured loan index, £75.5m was lent in March – a five-year high for the sector – compared with £66.4m in both March 2014 and February 2015.

The total amount lent on an annual basis stood at £799m in March, up 19 per cent year-on-year.

Enterprise Finance director Harry Landy says: “March’s secured lending activity represents the market shifting up a gear after a solid start to 2015 and shows that demand for consumer credit remains keen.

”Monthly and annual improvements of almost 14 per cent is further evidence that public attitudes to borrowing continue to improve as the economy recuperates to something resembling a clean bill of health.”

In March, the average second charge loan was £61,347, according to Enterprise Finance. This represents a 3 per cent year-on-year increase.

The typical LTV was 56 per cent in March, compared to 60 per cent in January, the last time the figures were collated.

The index is devised using a combination of Enterprise Finance’s own management information and data from trade bodies and lenders.

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Guide: day-to-day tasks ​— can your system manage?

This guide from Johnson Fleming will take you through the required communication and also give ideas for additional actions that will ensure your auto-enrolment project is a success. As well as highlighting what is required from a system to ensure it is up to the tasks, an overview of the following is also provided: data validation; data categorisation; employee communication; opt-in process; opt-out process; produce contribution schedule; contribution reconciliation process; upload of member data to pension provider; upload contribution to pension provider; manage salary sacrifice process; enrolment process; re-enrolment process; and management of increased employee queries.

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