Second charge lending in December up 76% year-on-year

The second charge market saw lending increase by 76% in December as total lending hit £118.4m, according to the latest figures from Loans Warehouse.

Whilst the number of completed loans reduced to 2,500, the average loan size exceeded November’s record-breaking £45,399, rising to £47,394.

Matt Tristram (pictured), managing director, Loans Warehouse, said: “The figure represents a 76% increase on December 2020 and the continuation of a boom in second charge lending that hasn’t been seen since before the Credit Crunch, let alone the pandemic.

“In fact, we can confirm that Q4 2021 is the highest recorded lending since Q4 2008.

“December’s figures really show the progress and growth of the second charge market, we honestly believe we’ll be recording figures closer to £200m per month by the end of 2022”

December’s figures take the total lending for 2021 to £1.180bn from over 27,000 loans completed in the last 12 months.

In a rare event for the festive period, which further demonstrates how quickly second charge lending is growing, December even saw one lender report record completion figures.

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