Second charge lending reaches pre-pandemic daily level
16 June 2021
We are now one year on from the worst point of the pandemic as far as secured charge lending is concerned. In May 2020, only £21,000,000 of lending was recorded by the FLA, a figure that was the lowest recorded since 2008.
We can now exclusively reveal that second charge lending in May 2021 totalled £90.0 million. This in itself is lower than the post -pandemic high - but that’s comparing a 23 day month to a 19 day month, and had May been a 23 day month, new lending would have passed £109 million.
These figures show that lending increased 15% month-on-month and also highlight an incredible 76% record breaking year-on-year increase.
The number of completions rose by 264 from April’s figure, marking the third month since the onset of the pandemic where the number has been recorded above 2000.
In the year to date we have now recorded £390m in second charges and monthly new lending figures continue to return to pre-pandemic levels...
