Second charge lending jumps 31% in March

Second charge lending totalled £91.4m in March, reflecting a 31.27% increase worth £28.1m on the previous month, new data published by Loans Warehouse has revealed.

The latest Secured Loan Index from Loans Warehouse showed the number of completions also topped 2,000 for the first time since the pandemic began, with 2,202 second charge loans funded during March.

From completion to submission, the index revealed the average completion time was 12.70 days in March, which was 1.07 days slower than in February.

Loans Warehouse also revealed the increase in the number of high LTV mortgage products returning to the market in recent months started to impact the second charge market, with a decrease of 4.18% being recorded for loans over 85% LTV.

“The increase is also significant when you compare year-on-year, with March 2021 just 1.72% below the figures posted in March 2020 – just a £1.5m difference,” said Loans Warehouse managing director, Matt Tristram.

“The average completion time shows the industry is well positioned for growth. Despite the monthly lending increasing by £21.8m, there was just a single day increase in completion time.”

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, and Clearly Loans.

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