The figures, reported directly to Loans Warehouse from second charge lenders, showed a strong start in 2022 as January had a lending total of £111.4m
Second charge lending totalled a new post-credit crunch record of £138.4m in February, posting a year-on-year increase of 83%.
The figures, reported directly to Loans Warehouse from second charge lenders, showed a strong start in 2022 as January had a lending total of £111.4m.
The number of loans written was all but identical between December 2021 and January 2022 at 2,500 and 2,494 respectively.
Read more: Championing second charge mortgage lending.
Meanwhile, the average loan term increased significantly between January and February 2022 from 15 to 21.5 years.
“This could be a result of the increased cost of living and a sign consumers are trying to bring payments down to their lowest level due to fears of what is coming next,” Matt Tristram, managing director at Loans Warehouse, said.
These findings were contained in a monthly infographic report called the Secured Loan Index, prepared by Secured Loan Broker and Loans Warehouse.
The report, which is produced to monitor activity in second charge lending in the UK, sources its information from the biggest second charge lenders in the country, including Optimum Credit, Oplo, United Trust Bank, Together Money, Masthaven, Norton Home Loans, Equifinance, Evolution Money, Spring Finance, and Selina Finance.