Loans Warehouse has reported that secured lending volumes in February were up 10.5% on the previous month.
The firm said this also marks the 40th consecutive monthly year-on-year increase.

After two months of 2015 the amount lent has passed the total amount lent in the first quarter of 2013.

Furthermore, the gross lending figures for January and February 2015 are 18% higher than the first quarter of 2013.

Matt Tristram, director of Loans Warehouse, said: “It’s all about the fixed rates. Whilst a fixed rate period of lending has been common place in the mortgage market for many years, it’s been surprisingly rare over the years in the second charge industry.

“However, in the last 12 months many lenders have made steps to change that. Last month Prestige Personal Finance, Optimum Credit and Nemo Personal Finance announced fixed rate options were being added to their secured lending ranges, joining Paragon Personal Finance, Shawbrook Bank, Precise Mortgages Secured Loans, Central Trust, Blemain Finance and Clearly Loans who all have offered fixed rate options for some time.

“With the Financial Conduct Authority taking over regulation of the second charge industry, it is noticeable that the changes lenders are making are drawing us more in line with first charge products.”