Second charge lending totalled £140.4m in April 2022, figures reported directly to Loans Warehouse from second charge lenders confirm.
It comes as the second charge lending market continues to show exciting growth, with April’s year-on-year figures up 80.86% on April 2021.
But with fewer working days (19 in April compared to 23 in March), there was a 9.68% dip in overall volume, but April saw an increase in the daily average lending amount.
Lending in 2022 has now passed half a billion and currently stands at £545,913 – tracking to surpass £2bn in a 12-month period for the first time since 2007.
Figures reported on LTV levels, average term, purpose and completion times have been practically identical throughout 2022.
Pepper Money announced a significant second charge lending milestone in April, with their current lending book exceeding £1bn, and a total lent since inception of £1.8bn.
Matt Tristram, co-founder & director of Loans Warehouse, said: “As the increase in second charge lending continues, lenders are working hard to maintain service levels and our own experience has seen that most have now increased capacity as the record lending levels only look to continue.
“Second charge loans are being more widely used. With record low rates and variety of products, they are clearly now at the forefront of more mortgage professionals’ minds than at any point in Loans Warehouse’s 16 years of trading.”
