Loans Warehouse has reported that, according to figures reported directly to it, second charge lending totalled £143.3 million in June 2022.

June’s figures represent a 5.03% drop compared with May, but are a 37.41% increase on June 2021.

Q2 reports the highest quarter lending since 2007, up 7.25% on an already record-breaking Q1 and £840.2m lent year to date.

Loans Warehouse says it has seen a shift in the use of a second charge, with the number of home improvement loans starting to fall slightly, potentially linked to the rising cost of living and materials.

The distributor said that completion times were up slightly in June, but May saw a big decrease from previous months.

Matt Tristram, managing director at Loans Warehouse, said: “One of the biggest impacts on mortgage lending during the pandemic has been on the level of equity available to borrowers. Second charge lending continues to offer an alternative method of raising capital for many, as such we will have highlighted the split of lending over 85% LTV.”