June saw second charge lending total £143.3m, reports Loans Warehouse, helping the sector post its strongest Q2 results since 2007.
It says that Q2 lending for this year is up 7.25% on an “already record-breaking Q1” and that lending year to date has reached £840.2m.
In total, £143.3m was lent through a second charge mortgage as summer began, and while this is a 5.03% drop on May’s figure, Loans Warehouse says it is a 37.41% increase on June 2021.
The number of completions posted in June fell 2% on the month, coming to 3.014, and the average completion time equalled 17.25 days.
Loans Warehouse says that it is seeing a shift in the use of second charge loans, “with the number of home improvement loans starting to fall slightly, potentially linked to the rising cost of living and materials.”
The report shows that in June, consolidation and home improvements were stated as the reason for 37.20% of second charge loans, home improvements for 15.57%, and consolidation for 41%.