Second charge lending came to £161.4m in July, which is an increase of nearly 60 per cent compared to last year.
According to the Secured Loans Index from Loans Warehouse, this represents a new post-credit crunch lending record, up by nearly four per cent compared to the record set in March.
It is also around 13 per cent up on the lending figures from June.
The report said annual growth was surpassing all records since the financial crisis and was on track to hit £1.7bn in 2022.
It continued that there had been a drop in using second charge for pure home improvements, but there had been a rise in borrowers using it for a combination of home improvements and debt consolidation.
Consolidation and home improvement accounted for around 41 per cent of second charge loans, consolidation came to nearly 38 per cent and home improvements was pegged at 14 per cent.
The remaining was split roughly equally between asset and other loans.
Completions in the period came to 3,337, an 11 per cent rise on June.
The average completion time in July was 18.97 days, which is 1.72 days slower than June.
The average term was 14.87 years and the majority of loans, 83 per cent, was below 85 per cent loan to value.
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.