Monthly second charge lending total hits £90m in May

Second charge lending totalled £90.0m in May, a rise of £12.4m compared to April, according to the latest Secured Loan Index from Loans Warehouse.

The figures showed that completions hit 2,172 during May, which also reflected a rise from April of 264 completions, equivalent to 14%.

The index also revealed that the average completion time per loan, from submission to completion, was 13.80 days in May – one day slower on April.

Loans Warehouse managing director, Matt Tristram, noted that the second charge lending market is now one year on from the worst point of the pandemic.

Commenting on May’s second charge lending total of £90.0m, Tristram said: “This in itself is lower than the post-pandemic high – but that’s comparing a 23-day month to a 19-day month, and had May been a 23-day month, new lending would have passed £109m.

“These figures show that lending increased 15% month-on-month and also highlight an incredible 76% record breaking year-on-year increase.

“The number of completions rose by 264 from April’s figure, marking the third month since the onset of the pandemic where the number has been recorded above 2,000.

“In the year to date, we have now recorded £390m in second charges and monthly new lending figures continue to return to pre-pandemic levels.”

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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