Evolution Money is launching a tracker that will provide mortgage advisors with data about the second charge mortgage market.

This tool will keep track of changes to loan-to-value (LTV), the average size of mortgage loans and the types of borrowers entering the market. The plan is that the regularly updated information will provide advisors with useful insights into the evolving second charge mortgage sector and why it may offer the best loan options for their customers.

Evolution Money is stating that the information collected by the tracker will be issued once in each quarter of the year, so that advisors are kept fully abreast of any major changes. At the moment, the lender offers two kinds of second charge loans, with the first aimed at borrowers who want a loan to consolidate existing debts and the second targeting people with strong credit ratings.

The data for the past half year indicates that when it comes to mortgage volumes, the split between the two is 75% for the debt consolidation loans and 25% for the prime credit rating loans. In terms of mortgage value, there is a 63%/37% split between the two available loans. In both cases, the number of prime credit rating borrowers opting for second charge mortgages increased.

Speaking to Financial Reporter, Evolution Money CEO Steve Brilus said that the broker expects further rises in the numbers seeking these loans when the tracking data shows advisors that they are the best options for borrowers.

Alongside their CeMAP training, tools like these can help advisors secure great loans for their clients.

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