The Loans Warehouse issue its Secured Loans Index for April 2023
The Loans Warehouse issue its Secured Loans Index for April 2023, showing a second charge lending drop in short April.
Matt Tristram, Managing Director at Loans Warehouse, said:
“Second charge lending fell in April 2023 to £106m after a bumper March, figures – reported directly to Loans Warehouse from second charge lenders – confirm.
“The drop, a not insignificant 17.7%, is considered to be isolated and largely due to April only having 18 working days (compared March 23). May is expected to show a significant rise.
“Completion numbers fell in line with volume lent, from 2,809 to 2,308.
“Total lending stands just short of £450m for the year to date.
“Completion times continue to improve and shine a positive light on the second charge industry, with the average time for submission to completion now just 12 days.
“Recent weeks have seen several lenders announce significant rate reductions, including both Selina Finance & Equifinance, whilst reintroducing longer fixed term products.”
Key figures:
|
Volume lent |
£106.0m |
$23.4m decrease on March 2023 |
|
Completions |
2,308 |
18% decrease on March 2023 |
|
Type of loans |
Asset Consolidation Consolidation & home improvements Home improvements Other |
0.60% 54.53% 22.98%
18.23% 3.66% |
|
Average completion time |
12.81 days |
0.81 days faster on March 2023 |
|
Average term |
14.10 years |
|
|
LTV split |
Below 85% Above 85% |
86.02% 13.98% |
The Loans Warehouse panel:
The Secured Loan Index is a monthly infographic brought to you by Secured Loan Broker and Loans Warehouse, and takes information from the biggest second charge lenders in the UK including: Pepper Money; Tandem; United Trust Bank; Together; Norton Home Loans; Equifinance; Evolution Money; and Selina Finance, along with our own market knowledge to produce an accurate reflection of lending.
It is designed and produced to monitor activity in second charge lending in the UK.
Kindly shared by Loans Warehouse
Main article photo courtesy of Pixabay
