Second charge lending in December up 76% year on year

14 January 2022

The figures reported directly to Loans Warehouse from second charge lenders confirm lending totalled £118.4 million in December 2021.

Whilst the number of completed loans reduced to 2,500, the average loan size exceeded November's record breaking £45,399, rising to £47,394.

The figure represents a 76% increase on December 2020 and the continuation of a boom in second charge lending that hasn't been seen since before the Credit Crunch, let alone the pandemic. In fact, we can confirm that Q4 2021 is the highest recorded lending since Q4 2008.

December's figures take the total lending for 2021 to £1.180 billion from over 27,000 loans completed in the last 12 months.

In a rare event for the festive period, which further demonstrates how quickly second charge lending is growing, December even saw one lender report record completion figures.

The full index is available here https://www.project-insights.co.uk/securedloanindex/december-2021