Second charge lending hits new post-credit crunch record
Second charge lending totalled £161.36 million in July 2022, according to research from Loans Warehouse in partnership with Insights, Barcadia Media's independent market research portal.
"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."
July’s figures, reported directly to Loans Warehouse from second charge lenders, 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.
Matt Tristram, managing director of Loans Warehouse, commented: "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."
To see the full report, visit https://www.project-insights.co.uk/securedloanindex/july-2022.
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