Total second-charge lending finished at £1.71bn last year, which marks an increase of over 45% year-on-year, according to new data published by Loans Warehouse.
However, data also revealed that second charge lending reduced for the fourth consecutive month to £101.5m in December 2022, a £34m decrease on November.
The percentage of lending above 85% loan-to-value (LTV) also increased in the last month of the year, up just shy of 2% on November 2022.
This marks the highest increase since July 2022.
December’s data also saw over 2,150 completions, a 26% decrease on the month previous.
Completion time from submission remained steady, coming in at 18.9 days, while the average loan term was recorded as 16.10 years.
