Lending across the second charge sector totalled £166.5m in August, according to figures reported directly from second charge lenders to Loans Warehouse.

The latest Secured Loan Index from Loans Warehouse confirmed this was a 3.2% increase worth £5.2m on July’s total.

This is now the fourth month in 2022 where a post-financial crisis record has been set, after the index also showed that August saw an annual increase of 74.1%. The annual growth has now increased again and is set to surpass £1.75bn in 2022 - another post-financial crisis record.

Furthermore, Loans Warehouse revealed that August’s total was made up of 3,361 completions, which was a 1% increase on July. This was as the average completion time for a loan came in at 18.62 days, a fraction faster than in July when the average stood at 18.95 days.

“The most noticeable change in August’s figures to recent months is the drop in lending above 85% LTV, down 3.33% on July 2022,” said Loans Warehouse managing director, Matt Tristram.

“Completion times have seen a slight decrease as lenders have successfully recruited in recent months to manage the increased demand.”

The monthly Secured Loan Index published by Loans Warehouse uses information from several second charge lenders in the UK including Pepper Money, Oplo, United Trust Bank, Together Money, Norton Home Loans, Equifinance, Evolution Money and Selina Finance.

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