Second charge lending in the first quarter of 2022 has hit a new record, increasing 82.62% compared to the same period last year, according to the latest data from Loans Warehouse.

The figures reported directly to Loans Warehouse from second charge lenders confirm lending totalled £155.5m in March 2022, a new post-credit crunch record.

It also represented a 17.1% increase compared to February’s figure, showing the continuation of growth being seen in second charge lending over the last six months.

The figures equate to a 12.36% increase month on month, and a 12.83% rise on the previous post-credit crunch record.

The number of loans written also created a new record at 3237, a 9% increase on February’s data, and beating November 2021’s figures of 3036. 

The average completion time for March was 22 days, one day quicker than compared to the previous month. 

Meanwhile, the average term stood at 21.80 years for March 2022.