The number of completions dipped below last month’s 2,000 headline, with 1,908 second charge loans being completed in April 2021, but this was still 278% up on April 2020.
Average completion times were noted at 12.80 days, 0.1 days slower than the month before.
The majority of products were provided under 85% loan-to-value (LTV) at 81.47%.
The most popular reason behind taking out a loan was consolidation at 43.13%. This was followed by home improvements at 22.19%.
Matt Tristram, managing director or Loans Warehouse, said: “Whilst month-on-month we saw a dip in lending from £91.4m to £77.6m, this figure doesn’t give a true reflection of the growth month-on-month.
“March had 23 working days compared to April at just 20; working day completions were up significantly with the daily completion volume for April at £4.57m compared to £3.97m in March – an increase of 5.2% per day.
“Higher LTV products continue to be a popular use from second charges with an increase of 2.69% month-on-month.
“Year to date we have now recorded £300m in second charges and, whilst May is an even shorter month than April, growth is widely predicted month-on-month in Q2.”
