Lending across the second charge market totalled £160.4m in September, according to the latest Secured Loan Index published by Loans Warehouse.

Figures reported directly to Loans Warehouse from second charge lenders revealed that this is the third-highest monthly lending figure of 2022, but represented a 3.6% decrease on August’s record-breaking total of £166.5m.

September’s figure was, however, a 45.6% year-on-year increase, following 3,002 completions across the market during the month.

Loans Warehouse has also reported that the projected annual total has risen again and is now tracking to finish at £1.77bn in 2022 – another post-financial crisis record.

Elsewhere, September saw a small drop in higher LTV lending of 0.36%, a slight increase in average term of 0.38%, while the average completion time for a loan increased by 1.9 days, to 20.6 days.

Loans Warehouse managing director, Matt Tristram, said: “The second charge industry has seen a widespread increase in headline rates from almost all lenders, with rates typically increasing by an average of 1.75%. In addition, Together, West One and Selina have taken the step to temporarily withdraw fixed rate products.

“However, most second charge lenders – including Pepper Money, Oplo and Equifinance – have honoured existing applications where an ESIS has been produced.

“Other than rate, there have been minimal criteria changes recorded and lending seems to be continuing at the same level – so far.”

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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