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Second charge lending hits 7-year high

The second charge sector had its best month in seven years in November.

According to the Loans Warehouse, lending hit £53.2m in November, up 12.4 per cent on the £47.4m advanced a year earlier.

Lending in the first 11 months of 2014 reached £582.2m – almost £100m more than the £493.3m advanced in the whole of 2013.

Loans Warehouse director Matt Tristram says competition on rates between lenders, as well as easing criteria, has led to greater volumes.

He says: “Something that has become a trend of late is seeing lenders continue to make improvements to their product offerings and the last month has been no different.

“The changes we are now seeing on a regular basis are enabling us to register with more and more consumers.”

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