Second charge lending dropped to £150.2m in October 2022, according figures reported directly to Loans Warehouse from second charge lenders confirm.
Despite the turmoil that has followed the government’s mini-budget, October’s figures show a 36% year-on-year growth and the equal fifth-best lending month of 2022.
Second charge lending has now hit the £1.5bn mark for 2022.
October saw another dip in higher LTV lending (-1.42%), whilst the average term remained unchanged and completion time increased by 0.31 days.
Matt Tristram (pictured), director and co-founder of Loans Warehouse, said: “As reported in last month’s Index, several lenders temporarily paused fixed-term products, something that has been exceptionally popular in recent years.
“We’re now starting to see the majority reprice and this option return; West One announced a two-year fixed rate product this week, and this follows Together who have brought back their fixed rate products.
“Selina Finance returned to lending on 31st October after a short pause, with a repriced range of HELOC second charge loans, with the promise of fixed rates and the eagerly awaiting new status one product later this month.”
