Second charge lending totalled £60.8m in January, according to the latest data from Loans Warehouse.

In the latest instalment of the Secured Loan Index, this is down from the £104m lent in January 2020.

The total number of completions fell by 1,422, which represents a 15% decrease on December 2020.

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The most popular type of loan seen in January of this year was consolidation at 57.1%.

Average completion times fell in the first month of 2021, dropping by two days to 13 days.

Furthermore, the average term length was 16.78 years, and the majority of loans were below the 85% LTV tier at 90.51%

Matt Tristram, managing director at Loans Warehouse, said: “Despite the dip in lending month on money we have seen an increase in loans written above 85% LTV from 5.63% in December to 9.48% this past month.

“As featured in the October edition of the Secured Loan Index there are a range of second charge products available above 90% LTV where most first charge lenders have heavily restricted lending.

“The reintroduction of Equifinance’s ‘Plus Range’ of second charges in January would have contributed to this increase, a product that offers loans up to 95% LTV for borrowers with a good credit profile.

“Second charge lenders have continued to enhance criteria and lending options throughout January, with probably the biggest change coming from Oplo, who have increased their maximum loan to £100,000 and dropped their headline rate to 5%.”