Loans Warehouse has stated that second charge lending totalled £166.5 million in August 2022, according to figures reported directly to it from second charge lenders.

August 2022 saw an annual increase of 74.08%.

The annual growth has now increased again and is set to surpass £1.75 billion in 2022, another post-financial crisis record.

The most noticeable change in August’s figures to recent months is the drop in lending above 85% LTV, down 3.33% on July 2022.

Completion times have seen a slight decrease as lenders have successfully recruited in recent months to manage the increased demand, the packager said.