Second charge lending rises 20.85% in March

Second charge lending increased to £135m in March 2023, according to research from Loans Warehouse in partnership with Insights, Barcadia Media's independent market research portal.

This jump in lending represents a 20.85% increase compared to February, figures reported directly to Loans Warehouse from second charge lenders confirm..

The figures released show a 2% increase in high LTV lending, whilst service continues to improve month-on-month with the average time from submission to completion of just 13.6 days.

March saw several lenders reduce rates; Selina Finance decreased rates on both their two and five-year fixed rate products, whilst Spring Finance followed suit and made further price reductions to their near-prime range.

Matt Tristram, managing director of Loans Warehouse, commented: "This growth is considered a clear sign that second charge lenders are feeling confident for the first time since the October 2022 mini-budget.

"This figure is just 6.49% down year-on-year, and it was fair to say that when March 2022 figures were released the market was considered buoyant. Unsurprisingly, figures for Q1 are also down, 15.85% below the same period in Q1 2022."

To see the full report, visit https://www.project-insights.co.uk/securedloanindex/march-2023.