![Second charge lending sees record-breaking year despite Q4 reduction Insights Loans Warehouse](https://barcadiapublications.fra1.cdn.digitaloceanspaces.com/financial-reporter/img/article/insights_loans_warehouse-7970.jpg?v=90918c85d4a6a3c6654d6f9e98773f6b)
Second charge lending dropped for the fourth month to £135.5 million in November 2022, according to research from Loans Warehouse in partnership with Insights, Barcadia Media's independent market research portal.
Figures reported directly to Loans Warehouse from second charge lenders confirm that despite the reduction in lending in recent months, the industry is already recording the highest annual figures since 2007 - up 36.82% year to date - with second charge lending at £1.61 billion for 2022.
Lending at higher LTVs dropped slightly, with just 13.74% of loans completed in November at 85% LTV or above.
The average term of a secured loan has increased by 12 months, potentially linked to lenders' affordability being stretched more than ever before in recent times.
Finally, many lenders have significantly improved their completion time, likely a result of a dip in the record-breaking lending levels seen across the summer months.
Selina Finance continued their revamp of their product range with the reintroduction of a fixed rate product and the launch of their new one status range.
To see the full report, visit https://www.project-insights.co.uk/securedloanindex/november-2022.