It finally seems that we are emerging from the pandemic, and we’re doing so with the bridging market in good shape. The latest lending data from the ASTL shows an almost universally positive set of results for bridging lending in Q2 2021, with completions increasing, applications remaining strong and defaults falling.
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The latest lending data from the ASTL presents plenty of reasons to be positive about the bridging market. The figures, which are compiled by independent auditors using data provided by members of the Association of Short-Term Lenders, show bridging completions were £1.1bn in Q2 2021, an increase of 23.2% on Q1. Bridging loan books reflect this increase in completions and now stand at over £4.7bn.
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Earlier this year, when the enforcement moratorium was lifted, the government provided a safety net for struggling borrowers with the introduction of a new piece of legislation – The Debt Respite Scheme (Breathing Space).
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How often do you read about bridging finance in the personal finance press, or hear people talk about short-term mortgage lending on the television or radio? It doesn’t happen frequently, and when it does it rarely provides a fair reflection of the sector.
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The latest ASTL data shows an almost universally positive set of results for bridging lending in Q2 2021, with completions increasing, applications remaining strong and defaults falling.
The figures, compiled by auditors from data provided by members of the Association of Short-Term Lenders, show bridging completions were £1.1bn in Q2 2021, an increase of 23.2% on Q1. Bridging loan books reflect the increase in completions and now stand at over £4.7bn.
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There is growing noise in the market about the non-disclosure to the end customer of proc fee payments made to intermediaries on non-regulated loans.
At the heart of this is a recent court case that has wide ranging implications for the lending industry. The outcome of the case makes it clear that if a lender has paid a commission to a broker which has not been disclosed to the borrower, that lender is now more at risk of the entire loan being set aside. And where a loan is set aside, this can mean that a lender will have to make a substantial payment to the borrower and, in some cases, the lender might also be required to pay damages.
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Like most areas of the mortgage market, the bridging market has barely paused for breath since the beginning of the year. Brokers and lenders alike have spoken of increasing demand for short term lending for a range of purposes amongst homebuyers and property investors. And this demand has been confirmed by the latest ASTL lending data, which found that applications achieved £7.49bn in Q1 2021, an increase of more than 25.5% on the same period in 2020 and 12.0% higher than in Q4 2020. In fact, £7.49bn represents the second highest quarterly applications value on record, with the top quarter being recorded in Q3 2020, which included much of the pent-up activity coming out of the end of the first national lockdown.
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