Second charge lending up 82% in Q1

The second charge revival is continuing at pace with the latest Second Charge Index showing record months for both lenders and brokers.

The figures reported directly to Loans Warehouse from second charge lenders confirm lending totalled £155.5m in March 2022, a new post-credit crunch record and a continuation of the huge growth being seen in second charge lending over the past six months.

These record-breaking figures represent a 12.36% increase month-on-month, and a 12.83% rise on the previous post-credit crunch record.

Lending in Q1 of 2022 is also rewriting the record books up 82.62% on the same period in 2021. By comparison, it took until June to reach the same level of lending last year.

The number of loans written was again a new record at 3237, beating November 2021’s figures of 3036.

Matt Tristram, co-founder and director of Loans Warehouse, said: “These figures are hugely encouraging for the industry.

“Both lenders and brokers are reporting record breaking months which is astounding, but it’s the growth from 12 months ago that is most encouraging. 

“This shows once again how resilient the second charge industry is after everything that has happened over the past two years.”

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