Second charge lending breaks more records
17 August 2022
Second charge lending totalled £161.36 million in July 2022, figures reported directly to Loans Warehouse from second charge lenders confirm.
July’s figures represent a 12.54% increase on June 2022, an annual increase of 59.34%, and a new post-credit crunch lending record, up 3.75% on the record set in March 2022.
The annual growth continues to surpass all records since the financial crisis, currently tracking to lend over £1.7 billion in 2022.
We continue to see a drop in the use of a second charge for pure home improvements, but interestingly an increase in those borrowing for a combination of home improvements and debt consolidation.
Completion times continue to increase slightly which can be linked to the sheer volume of business being written and businesses adjusting their recruitment to meet demand.
Find out more here https://www.project-insights.co.uk/securedloanindex/july-2022
