Second charge lenders confirm lending totalled £111.4m in January and a new post-credit crunch record of £138.4m in February 2022, the figures reported directly to Loans Warehouse.
The number of loans written was all but identical between December and January 2022 at 2500 & 2494 respectively.
The average loan size jumped from £44.673.9 in January 2022 to £46,522 in February.
February 2022 also marks year-on-year growth of over 100%, when lending figures stood at £60.8m in January & £69.6m in February 2021.
The average loan term has increased significantly between January & February 2022 from 15 to 21.5 years.
This could be a result of the increased cost of living and a sign consumers are trying to bring payments down to their lowest level due to fears of what is coming next.
UTB reported record levels in 2021 of £1.5bn lent across their various channels including second charges, with Harley Kagan, chief executive officer at UTB, choosing to praise his staff for dealing with the pandemic with “resilience, tenacity and a positive outlook”.
Matt Tristram (pictured), co-founder and director of Loans Warehouse, said: “We’re delighted to be able to chart the continued growth of second charge lending.
“We were well on the way to recovery last February but these figures show the increased awareness of second charge.”
