EXCLUSIVE: Daily second charge completions continue to increase as market recovers
Second charge lending totalled £77.6 million in April, an increase of 242% on April 2020 when the pandemic first gripped the country, according to research from Loans Warehouse in partnership with Insights, Barcadia Media's independent market research portal.
"Year to date we have now recorded £300m in second charges and, whilst May is an even shorter month than April, growth is widely predicted month-on-month in Q2."
The number of completions dipped below last month's 2,000 headline, with 1,908 second charge loans being completed in April 2021 (but still 278% up on April 2020).
However, whilst month-on-month lending dipped from £91.4m to £77.6m, managing director of Loans Warehouse, Matt Tristram, says this figure "doesn't give a true reflection of the growth".
Matt commented: "March had 23 working days compared to April at just 20, Working day completions were up significantly with the daily completion volume for April at £4.57m compared to £3.97m in March - an increase of 5.2% per day.
"Year to date we have now recorded £300m in second charges and, whilst May is an even shorter month than April, growth is widely predicted month-on-month in Q2."
To see the full report, visit https://dev.project-insights.co.uk/securedloanindex/april-2021.
