The second charge mortgage market has continued to show strong recovery as lenders lent £95.6m in August.
According to Loans Warehouse secured loan index, second charge lending is £5.6m lower on the previous month, but more than double the amount from August last year.
However, the report said lending was at a three-month average of over £100m for the first time since the pandemic started.
Completions in August came to 2,344, which was four per cent down on the previous month.
For the year-to-date, second charge lending had reached £595m in second charges completed and Loans Warehouse said new lending figures continued to improve.
Most loans were consolidation loans, which accounted for 47.5 per cent of completion. This was followed by consolidation and home improvements at 29.4 per cent and home improvements at 18.2 per cent.
Average completion time improved slightly to 17.1 days, half a day faster than July.
Around three quarters of loans were below 85 per cent loan to value (LTV), with the remaining quarter above 85 per cent LTV. The average term also sat at nearly 17 years.
The report collates information from second charge lenders including Optimum Credit, Oplo, United Trust Bank, Together Money, Masthaven, Norton Home Loans, Equifinance, Evolution Money, Spring Finance and Clearly Loans.
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.