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Second charge lending rockets 35.9%

Second charge lending spiked 35.9 per cent year-on-year in February, according to Loans Warehouse’s latest secured loan index.

Some £64.3m was advanced in February, up from £47.3m in the same month a year earlier. This marks the 40th consecutive month where lending has grown year-on-year, according to the firm.

So far in 2015, second charge lenders have advanced £122.6m to borrowers.

Loans Warehouse founder and co-director Matt Tristram says: “February’s figures are a clear indication that the growth in secured lending continues to remain strong, even though the mortgage market is slowing, secured lending is becoming an alternative for more and more clients.”

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  • Matt Tristram 10th April 2015 at 4:50 pm

    Just to reply to the anon comment, we take the lending figures directly from the lenders themselves under NDA’s at the end of each month, the Secured Loan Index is the most accurate reflection of the second charge lending market.

  • Paul McGonigle 10th April 2015 at 3:16 pm

    I think this is an editorial mistake – either from the writer or publication. I am sure it should read 40th consecutive increase month on month! I don’t think its intended to be misleading. I am in the secured loan industry for past 25 years – from the heights of 2007 it most certainly is NOT what it was – but it is improving dramatically – compared to a stagnant remortgage market

  • John Crescens 10th April 2015 at 10:46 am

    Am I being dim ,but is this a 40 month on month increase as doubt there are figures or many individuals about the industry who were around 40 years ago.

    A tad misleading me thinks given the low levels the market sank to during the credit crunch .

    If I am incorrect I do stand to be corrected and more than happy to apologise..

  • Anon 9th April 2015 at 1:22 pm

    How does he know?