Second charge lending dropped for the fourth month in a row, falling to £135.5m in November 2022, according to figures from Loans Warehouse.
Published as part of its Secured Loan Index for November 2022, Loans Warehouse reveals that the industry is already recording the highest annual figures since 2007 – up 36.82% year to date – with second charge lending at £1.61bn for 2022.
Lending at higher loan-to-values (LTVs) dropped slightly, with just 13.74% of loans completed in November at 85% LTV or above.
Additionally, the Index found that the average term of a secured loan has increased by 12 months – now standing at an average of 17.5 years.
This is potentially linked to lenders’ affordability being stretched more than ever before in recent times.
Finally, many lenders have significantly improved their completion time, likely a result of a dip in the record-breaking lending levels seen across the summer months.
The average completion time now sits as a respectable 18.43 days, 2.44 days faster than in October 2022.
