Monthly second charge lending total climbs to £123.6m in October

Second charge lenders completed lending worth a total £123.6m in October, according to the latest Secured Loan Index published by Loans Warehouse.

The figure represents a £13.4m increase on September’s lending total.

Loans Warehouse also revealed that the total number of completions across the second charge market hit 2,839 in October, a 10% rise from September’s figure of 2,588.

The index also revealed that the average completion time for a second charge large loan, from submission to completion, stood at 17.0 days in October – an improvement on September’s speed by 1.7 days.

“We believe these figures, boosted by the addition of the industry's newest entrant Selina Finance and the removal of almost all pandemic restrictions, are the highest recorded under FCA regulation, which peaked back in 2019 at £118m,” said Loans Warehouse managing director, Matt Tristram.

“This takes year to date second charge lending to £924.6m making the possibility of a billion pound lending year almost guaranteed.”

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.

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