Second charge lending totalled £143.3m in June, £7.6m less than the figure in May, according to the latest Secured Loan Index published by Loans Warehouse.
June’s total represented a 5.3% drop compared with May, but was a 37.4% increase on June last year.
Figures reported directly to Loans Warehouse from second charge lenders confirmed that the annual growth rate is continuing to surpass all records since the financial crisis. Q2 saw the highest quarterly lending total since 2007, up 7.3% on an already record-breaking Q1, and £840.2m lent year to date.
The total for June was comprised of 3,014 loan completions, which represented a 2% fall from May. Loans Warehouse’s data also showed that the average time between submission and completion for a loan stood at 17.3 days during June, 2.3 days slower than in May.
“We're seeing a shift in the use of a second charge, with the number of home improvement loans starting to fall slightly, potentially linked to the rising cost of living and materials,” said Loans Warehouse managing director, Matt Tristram.
“Completion times are up slightly in June, but May saw a big decrease from previous months, so this wasn't unexpected.”
The monthly Secured Loan Index from Loans Warehouse uses information from several second charge lenders in the UK including Pepper Money, Oplo, United Trust Bank, Together Money, Norton Home Loans, Equifinance, Evolution Money and Selina Finance.
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