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.”