"Year to date, second charge lending has now surpassed the half billion figure with £595m in second charges completed"
The second charge market is averaging over £100m for the first time since the pandemic, according to research from Loans Warehouse in partnership with Insights, Barcadia Media's independent market research portal.
The figures, reported directly to Loans Warehouse from second charge lenders, confirm that lending totalled £95.6 million in August 2021.
Whilst the figures show a slight dip on July’s £101.2m, they demonstrate consistency as lending has a three month average of more than £100m for the first time since the pandemic began.
Matt Tristram, managing director of Loans Warehouse, commented: "As expected, second charge lending is largely up on figures reported in 2020, with August’s year on year figure up 122%. A more pertinent comparison would be 2019’s figures reported by the FLA, for which August stood at £105m.
"The most significantly reported change was seen in higher LTV lending which fell by just short of 10% from the figures published in June 2021.
"Year to date, second charge lending has now surpassed the half billion figure with £595m in second charges completed and new lending figures continue to improve month on month."
To see the full report, visit https://www.project-insights.co.uk/securedloanindex/august-2021.