Lending is November was up by more than a third in the year to date. However, the data suggests the market has come off the boil since earlier in 2022.

Figures for November from lenders show second charge lending slowing for the fourth consecutive month at £133.5million. This works out as a £14.7m decrease on October, though completions rose to 2,908 in November up six per cent on the previous month.

Lending at higher loan to value (LTV) of 85 per cent or above edged down to make up 13.74 per cent of loans completed.

Debt consolidation formed the biggest chunk of reasons for loans. This chimes with findings from Evolution Money.

And the data showed the average term of a secured loan has increased by 12 months.

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This could potentially be linked to affordability being stretched, according to Matt Tristram (pictured), managing director of Loans Warehouse.

He said: “Many lenders have significantly improved their completion time, likely a result of a dip in the record-breaking lending levels seen across the summer months.”