Second charge market totals £95m in lending during August

Lending across the second charge market totalled £95.6m in August, new figures published by Loans Warehouse have revealed.

While the latest monthly total is a slight dip on July's £101.2m, Loans Warehouse suggested that it “demonstrates consistency”, as second charge lending now has a three-month average greater than £100m for the first time since the pandemic began.

The latest Loans Warehouse Secured Loan Index showed that second charge lending is largely up on figures reported in 2020, with August's year-on-year figure representing a climb of 122%. However, the second charge lending expert suggested that a more pertinent comparison would be 2019's figures reported by the FLA, for which August stood at £105m.

“The most significantly reported change was seen in higher LTV lending which fell by just short of 10% from the figures published in June 2021,” said Loans Warehouse managing director, Matt Tristram.

“Year to date second charge lending has now surpassed the half billion figure with £595m in second charges completed and new lending figures continue to improve month on month.”

August’s lending total was made up of 2,344 completions, which was a 4% decrease on the figure for July.

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 Clearly Loans.

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