Lending in the second charge loan space climbed to £137.8m for November, according to the latest Secured Loan Index published by Loans Warehouse.
The figure represents an increase of 11.49% on the previous month.
Loans Warehouse suggested that in Q4, second charge lending is currently witnessing its highest period of lending since 2008. The index also confirmed a year-on-year increase of 71.67% on figures recorded in November 2020’s figures.
November also saw the number of loans written break the 3,000 barrier for the first time since 2008, with the 1,000 year-on-year increase also proving to be another “post-credit crunch record”, according to Loans Warehouse managing director, Matt Tristram.
“As predicted last month, annual second charge lending has passed the £1bn mark for the first time since 2019 and now stands at £1.06bn,” he said.
“The average completion time increased slightly in December but considering the growth in the last two months, it's widely considered that lenders' service levels are being met and the increase is more reflective of delays caused by the Land Registry backlog.”
The monthly Secured Loan Index from Loans Warehouse takes 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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