Lending across the second charge space totalled £140.4m in April, figures reported directly to Loans Warehouse from second charge lenders have indicated.
Loans Warehouse confirmed that April’s figure of year-on-year growth was an 80.9% increase on the same month last year.
With four fewer working days –19 in April compared to 23 in March – there was a 9.7% dip in the overall volume, equating to £15.1m in lending. However, April did see an increase in the daily average lending amount.
The latest Secured Loan Index from Loans Warehouse revealed that lending in 2022 now stands at £545,913 – a figure that is forecast to surpass £2bn in a 12-month period for the first time since 2007.
“As the increase in second charge lending continues, lenders are working hard to maintain service levels and our own experience has seen that most have now increased capacity as the record lending levels only look to continue,” said Loans Warehouse co-founder and director, Matt Tristram.
“Second charge loans are being more widely used. With record low rates and variety of products, they are clearly now at the forefront of more mortgage professionals’ minds than at any point in Loans Warehouse’s 16 years of trading.”
The monthly Secured Loan Index from Loans Warehouse uses 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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