Second charge lending in November came to £137.8m, according to Loans Warehouse.

This is an increase of 11.5% on October’s figure and is the second post-credit crunch record breaking month in a row.

“In fact, it’s accurate to say that second charge lending is witnessing its highest period of lending (Q4) since 2008,” states Loans Warehouse.

The firm adds that, in November, over 3,000 loans were written for the first time since 2008, making for a year-on-year increase of 1,000 loans – itself another record.

And second charge lending hit £1.06bn on an annual basis, the first time it has passed the £1bn watermark since 2019.

The only sore spot in the Loans Warehouse report is completion time slowing by an average of 5.2 days over the month, coming to an average completion time of 22.6 days.

“it’s widely considered that lenders’ service levels are being met and the increase is more reflective of delays caused by the Land Registry backlog,” explains Loans Warehouse.