Second charge lending figures are at a four-year peak with over £36,000,000 lent in March 2013, according to Loans Warehouse’s latest Secured Loan Index.
It reported the best quarter lending figures since the final quarter of 2009, with £100,120,430 lent in first quarter.
March saw a 17% increase on the previous month, breaking the £35,000,000 barrier for the first time in nearly four years. In total £36,241,140 was lent in March 2013.
Matt Tristram, managing director of Loans Warehouse, said: “A record breaking start to the year was almost inevitable after the changes introduced by the industry’s major players Nemo Personal Finance & Shawbrook Bank, rates at an all-time low for second charge lending at just 5.59% and LTVs increasing to 90% & 95% respectively.
“But a record breaking quarter with over £100 million lent and March figures of £36,241,140 in such a short month was a pleasant surprise.”