Second charge lenders have reported that lending across the second charge space totalled £155.5m in March, according to the latest Secured Loan Index published by Loans Warehouse.
This monthly total is a new “post credit crunch record”, Loans Warehouse stated, and a continuation of the significant growth recorded in second charge lending over the last six months.
The latest figure represents a 12.4% month-on-month increase equating to £17.1m, as well as a 12.8% rise on the previous post credit crunch record.
“Lending in Q1 of 2022 is also rewriting the record books up 82.6% on the same period in 2021,” said Loans Warehouse managing director, Matt Tristram. “By comparison, it took until June to reach the same level of lending last year.
“The number of loans written was again a new record at 3,237, beating November 2021's figures of 3,036.”
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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