Second charge lending hits fourth record of the year – Loans Warehouse

Lending volumes were up by 3.2 per cent on July, according to figures from the Loans Warehouse. Compared to last year, this was a rise of 74 per cent.  

There were also 3,361 completions in August, a one per cent increase on July. 

Total lending is on track to exceed £1.75bn this year, which will also be a post-financial crash high. 

Second charge completion times shorten 

The average completion time for a second charge loan was 18.62 days in August, 0.35 days faster than the previous month. 

The average term per loan was 16.12 years and and 87 per cent of mortgages taken out were below 85 per cent loan to value. 

Almost two-fifths of loans were used for debt consolidation while 35 per cent were for debt consolidation and home improvements. Home improvement purposes accounted for a fifth of second charge loans in August. 

Matt Tristam, co-founder and director of Loans Warehouse, said: “As the Secured Loan Index enjoys a lot of coverage, we wanted to use this platform to mention our late Queen Elizabeth II. 

“All at Loans Warehouse share the view that we have been honoured to live under her incredible reign and she will be deeply missed.”