Second charge lending slipped 6.4% to £150.2m in October compared to a month before, according to Loans Warehouse.  

Despite the “turmoil that has followed the government’s mini-budget”, last month’s data shows 36% year-on-year growth and is the equal fifth-best lending month of this year, says the specialist lender’s latest Secured Loan Index.  

Last month also saw a 9% fall in completions to 2,744 compared to September, while higher loan-to-value deals above 85% fell by 1.4% over the same period.  

The survey noted that last month, as well as in September, “several lenders temporarily paused fixed-term products, something that has been exceptionally popular in recent years”.   

It added that the sector was now starting to see the majority of these firms reprice loans and return to the market.   

West One announced a two-year fixed rate product this week, following Together which brought back its fixed rate products.   

It points out that Selina Finance returned to lending at the end of October after a short pause, with a repriced range of Heloc second charge loans, and pledged to launch new products later this month.  

The report adds that second charge lending has now hit the £1.5bn mark this year.