Lenders in the second charge space have reported that February saw a £27m climb in total lending to £138.4m, the latest Secured Loan Index from Loans Warehouse has revealed.
The latest figure follows the £111.4m that second charge lenders reported in January.
February’s total figure was made up of 2,976 completions, which was a 19% rise from January when completions were at 2,494, having followed a similar pattern from December when they reached 2,500.
In terms of the average time taken from submission to completion, February’s rise in activity resulted in an average of 23.0 days per loan – 4.4 days longer than in January.
Furthermore, the Loans Warehouse index reported that the average loan size jumped from £44.673.9 in January to £46,522 in February.
“February 2022 also marks year-on-year growth of over 100%, when lending figures stood at £60.8m in January and £69.6m in February 2021,” said Loans Warehouse managing director, Matt Tristram.
“The average loan term has increased significantly between January and February 2022 from 15 to 21.5 years. This could be a result of the increased cost of living and a sign consumers are trying to bring payments down to their lowest level due to fears of what is coming next.”
The monthly Secured Loan Index from Loans Warehouse takes information from the biggest second charge lenders in the UK including Optimum Credit, Oplo, United Trust Bank, Together Money, Masthaven, Norton Home Loans, Equifinance, Evolution Money, Spring Finance, and Selina Finance.
Latest News
-
House price growth rises to 2.4% in October – Nationwide
-
Residential property transactions fall month-on-month in September – HMRC
-
Mortgage affordability failing to reflect modern careers
-
Adviser study reveals clients cutting pension payments for IHT purposes
-
£31.6bn sitting in low-rate savings accounts
-
Net mortgage approvals rebound in September – BoE
NEW BUILD IN FOCUS - NEW EPISODE OF THE MORTGAGE INSIDER PODCAST, OUT NOW
Figures from the National House-Building Council saw Q1 2025 register a 36% increase in new homes built across the UK compared with the same period last year, representing a striking development for the first-time buyer market. But with the higher cost of building, ongoing planning challenges and new and changing regulations, how sustainable is this growth? And what does it mean for brokers?
The role of the bridging market and technology usage in the industry
Content editor, Dan McGrath, sat down with chief operating officer at Black & White Bridging, Damien Druce, and head of development finance at Empire Global Finance, Pete Williams, to explore the role of the bridging sector, the role of AI across the industry and how the property market has fared in the Labour Government’s first year in office.
Does the North-South divide still exist in the UK housing market?
What do the most expensive parts of the country reveal about shifting demand? And why is the Manchester housing market now outperforming many southern counterparts?
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.
The new episode of The Mortgage Insider podcast, out now
Regional housing markets now matter more than ever. While London and the Southeast still tend to dominate the headlines from a house price and affordability perspective, much of the growth in rental yields and buyer demand is coming from other parts of the UK.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories