Second charge lending fell in April 2023 to £106m after a bumper March, according to figures reported to Loans Warehouse from second charge lenders.

The drop, a not insignificant 17.7%, is considered to be isolated and largely due to April only having 18 working days (compared to 23 for March). 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.

The Secured Loan Index takes information from second charge lenders in the UK including: Pepper Money; Tandem; United Trust Bank; Together; Norton Home Loans; Equifinance; Evolution Money; and Selina Finance, to produce an accurate reflection of lending.