Record start to H2 for seconds

The month also saw a 10.7% increase on June with July's figures standing at £56,580,496 breaking the March 2014 record.

Year to date lending figures are up 31% on the same stage in 2013, which equates to additional lending of £85,160,000 in the first seven months of 2014.

Matt Tristram, co-founder and director of Loans Warehouse & Clearly Loans, said: “Everywhere you look at the moment there seems to be growth.

"In the last few weeks alone I've seen headlines like "Highest annual growth in four years for Scottish property" from LSL Property Services House Price Index, "Healthy supply returns to housing market" reported in National Mortgage Market Monitor from Haart and "First-time buyer sales hit seven-year high" from research carried out by Your Move and Reeds Rains.

“Additionally the Council of Mortgage Lenders (CML) reported ''Mortgage arrears and possessions decline again" and last month the Finance & Leasing Association (FLA) released figures showing a 27.3% fall in second charge mortgage repossessions in Q2 2014, compared with the same period last year. In the first half of 2014, repossessions were down by 36.2%.

“To me this all suggests growth yet sensible lending decisions continue to be made. That's just my opinion...!”

Criteria changes also continued across the industry in July with Precise launching a new second charge range, reducing rates across their lending plans with a new headline rate of 4.45% over base.

Norton Home Loans also announced a number of improvements to its lending criteria with the RBS backed lender reducing rates across its range by as much as 0.5% with a new headline rate of 9.4%

Stephen Lawrence, group national sales anager at Norton Home Loans, said: "NHL has worked closely with its packaging brokers since launching in 2010.

“As a result the lender fee was removed from the secured loan product range as feedback from packager's was, a broker fee and then a lender fee was always a difficult task to sell to home owners wanting a loan.

“This change in policy, plus a review of our charge rates and retention of no early repayment charges for lump sum repayments, has made our secured loan products even more competitive for our packagers."