Lending in the second charge loan space saw a 12.5% monthly increase in July, figures reported directly to Loans Warehouse from second charge lenders have confirmed.
The latest Secured Loan Index from Loans Warehouse revealed that second charge lending totalled £161.36m during July, £18m higher than June’s total. This figure was made up of 3,337 completions, which is an 11% increase on June.
July’s figure also represents an annual increase of 59.3%, and a “new post-credit crunch lending record”, which is up 3.8% on the previous record set in March 2022.
Annual growth in the second charge lending sector continues to surpass all records since the financial crisis, Loans Warehouse added, currently tracking to lend over £1.7bn in 2022.
“We continue to see a drop in the use of a second charge for pure home improvements, but interestingly an increase in those borrowing for a combination of home improvements and debt consolidation,” said Loans Warehouse managing director, Matt Tristram.
“Completion times continue to increase slightly which can be linked to the sheer volume of business being written and businesses adjusting their recruitment to meet demand.”
The monthly Secured Loan Index published by 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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