Second charge lending reaches record high of £56.6m in July

Second charge lending reached £56.6m last month, breaking the March 2014 record of £56.3m.

According to the latest Loans Warehouse secured loans index, July’s figure represents a 22 per cent increase year-on-year, up from £46.4m in the same month in 2013.

The total value of secured lending in the year to date stands at £357.9m, 31 per cent higher than at the same point last year – equating to an additional £85.2m.

Loans Warehouse director Matt Tristram says: “After three months of sustained lending around the £50m mark, which was a record quarter in itself, lending figures have again stepped forward and broken the figures reported in March this year.”