Second charge lending grew by 14% in June, reaching £144.5m compared with £126m in May, according to figures reported by Loans Warehouse.
Lending figures consistently dropped since the turn of the year, largely credited to the 2022 mini-Budget, but the second charge market was found to be on the rise again with a second consecutive month of significant growth.
June represented an additional £17.6m in lending compared with May 2023, despite Shawbrook Bank exiting the second charge market.
The number of completions was the highest in 2023, finishing just shy of 3,000 – 12% higher than in May.
Total lending stood just short of £718m for the year to date.
Three new lenders are set to enter the second charge arena in 2023, with Cardiff the predicted base for two lender launches towards the end of the year.
