Second charge market totals £95m in lending during August

Lending across the second charge market totalled £95.6m in August, new figures published by Loans Warehouse have revealed.

While the latest monthly total is a slight dip on July's £101.2m, Loans Warehouse suggested that it “demonstrates consistency”, as second charge lending now has a three-month average greater than £100m for the first time since the pandemic began.

The latest Loans Warehouse Secured Loan Index showed that second charge lending is largely up on figures reported in 2020, with August's year-on-year figure representing a climb of 122%. However, the second charge lending expert suggested that a more pertinent comparison would be 2019's figures reported by the FLA, for which August stood at £105m.

“The most significantly reported change was seen in higher LTV lending which fell by just short of 10% from the figures published in June 2021,” said Loans Warehouse managing director, Matt Tristram.

“Year to date second charge lending has now surpassed the half billion figure with £595m in second charges completed and new lending figures continue to improve month on month.”

August’s lending total was made up of 2,344 completions, which was a 4% decrease on the figure for July.

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 Clearly Loans.

    Share Story:

Recent Stories


FREE E-NEWS SIGN UP

Subscribe to our newsletter to receive breaking news and other industry announcements by email.

  Please tick here to confirm you are happy to receive third party promotions from carefully selected partners.


The new episode of The Mortgage Insider podcast, out now
Regional housing markets now matter more than ever. While London and the Southeast still tend to dominate the headlines from a house price and affordability perspective, much of the growth in rental yields and buyer demand is coming from other parts of the UK.

In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.

Air and the role of later-life lending
Content editor at MoneyAge, Dan McGrath, spoke to the chief executive officer at Air, Will Hale, about the later-life lending industry, the importance of tailored advice and how technology and obligations have shaped the sector.


Helping the credit challenged get mortgage ready
A rising number of borrowers are finding it harder to access mortgages due to being credit challenged - whether that’s from historic debts, a county court judgment, or having little to no credit history.

In the latest episode of the Mortgage Insider podcast, Phil Spencer is joined by Eloise Hall, Head of National Accounts at Kensington Mortgages, and Alastair Douglas, CEO of TotallyMoney.

The future of the bridging industry and the Autumn Budget
MoneyAge content editor, Dan McGrath, is joined by head of marketing at Black & White Bridging, Matt Horton, to discuss the bridging industry, the impact of the Autumn Budget and what the future holds for the sector.