The month saw an increase of 22% against the same time 12 months ago and an equally impressive 10.7% month on month growth, 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 7 months of 2014.
July's lending sees the incredible record of monthly year on year growth continue for the 32nd consecutive month.
Matt Tristram, Co-Founder & Director of Loans Warehouse & Clearly Loans comments:
"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 reported 'Mortgage arrears and possessions decline again' and last month the Finance & Leasing Association 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!
"I'm delighted to report another post credit crunch record month for second charge lending - and remember, our figures are taken by analysing the figures released directly to us by the UK's secured loan lenders.
After 3 months of sustained lending around the £50,000,000 mark which was a record quarter in itself, lending figures have again stepped forward and broken the record lending figures reported in March this year.
Criteria changes continue across the industry; Precise launched a much publicised new second charge range, reducing rates across their lending plans with a new headline rate of 4.45% over base.
Norton Home Loans has announced yet more improvements to their lending criteria. The RBS backed lender has reduced rates across the range by as much as 0.5% with a new headline rate of 9.4%
Stephen Lawrence, Group National Sales Manager at Norton Home Loans explained about recent changes made to their product range.
He 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."
"In particular where the loan is for 10 years or less we have the most competitive secured loan products of any near prime lender."
Looking forward, Maeve Ward, Director of Sales at Shawbrook Bank, said:
"Shawbrook Bank will be making some exciting changes to their criteria in September, changes that we believe will have a big impact for our brokers and the market in general, watch this space..."
