Lending in the second charge market increased to £135m in March, according to figures reported to Loans Warehouse from second charge lenders.
The firm’s latest Secured Loan Index indicated that this jump in lending represents a 20.9% increase on February’s total.
March’s total was made up of 2,809 completions which was an 18% rise compared to February, while the average completion time for each loan over the month dipped just under two weeks to sit at 13.62 days – 0.57 days faster than in February. The figures released also showed a 2% increase in high LTV lending.
“This growth is considered a clear sign that second charge lenders are feeling confident for the first time since the October 2022 mini-Budget,” said Loans Warehouse managing director, Matt Tristram.
“This figure is just 6.5% down year-on-year, and it was fair to say that when March 2022 figures were released the market was considered buoyant. Unsurprisingly, figures for Q1 are also down, 15.9% below the same period in Q1 2022.”
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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