Second charge reporting big improvement in service levels to customers

14 February 2023

Second charge lending has increased 2.92% at the start of 2023 to £104.5 million lent in January, figures reported directly to Loans Warehouse from second charge lenders confirm.

This represents a slight decrease in year-on-year lending of 6.91% but January’s results are being described as a positive start to 2023 with rate reductions expected by many lenders in the weeks ahead for the first time since the October 2022 mini-budget fiasco.

Higher LTV lending has dropped by 0.8%, likely due to a slight reduction in products since October, a number that is expected to improve in the coming weeks.

The biggest change reported this month is a reduction in completion times. Service levels have really benefitted with a four-day drop in the average completion time in January compared to recent months. A huge amount of credit needs to be given to the industry’s lenders... full details here>>