Second charge lending decreased by 8.8% in February to total £95.3m for the month, figures reported directly to Loans Warehouse from second charge lenders have shown.
This was a drop worth £9.2m in lending from January’s total of £104.5m.
The latest Secured Loan Index from Loans Warehouse revealed that this also represented a decrease in year-on-year lending of 45.2% compared to February 2022. February is also the first time that second charge lending has dropped below £100m in a month since August 2021.
Loans Warehouse also stated that February’s total was made up of 2,374 completions, representing an 11% fall from January.
“We also observed a big dip in higher LTV lending compared to January 2023 with a dip of 3.6% seen in loans written above 85% LTV,” said Loans Warehouse managing director, Matt Tristram.
“More positively, service continues to improve with the average completion time from pack received to funding now down to 14.9 days.”
The monthly Secured Loan Index published by Loans Warehouse uses information from several second charge lenders across the UK, including Pepper Money, Oplo, United Trust Bank, Together Money, Norton Home Loans, Equifinance, Evolution Money and Selina Finance.
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