Second charge lending increased 2.92% at the start of 2023 with £104.5m lent in January, figures reported directly to Loans Warehouse from second charge lenders revealed.
This represents a slight decrease in year-on-year lending of 6.91% but January’s results are being described as a positive start to 2023 with rate reductions expected by many lenders in the weeks ahead for the first time since the October 2022 mini-budget fiasco.
Higher LTV lending has dropped by 0.8%, likely due to a slight reduction in products since October, a number that is expected to improve in the coming weeks.
Matt Tristram, director of Loans Warehouse, said: “The biggest change reported this month is a reduction in completion times.
“Service levels have really benefitted with a four-day drop in the average completion time in January compared to recent months.
“A huge amount of credit needs to be given to the industry’s lenders.”
