The total volume of second charge lending reached £81m in November, according to Loan Warehouse.

This increase represents an £8m rise on October.

Looking to completions, the total number was 2,042, a 12% uplift month-on-month.

The most popular reason for taking out a loan was consolidation at 73%.

This was followed by home improvements at 18.33%.

Average completion times dropped in November, falling by two days to 13 days, on a monthly basis.

The majority of products were provided under 85% LTV.

Matt Tristram, managing director or Loans Warehouse, said: “In September Loans Warehouse publicly predicted that secured lending figures would double again in Q4 of 2020, the results of November’s Secured Loan Index confirmed this bold prediction was right as lending reached £81M.

“The secured loan industry confident stated at the start of lockdown 2 that it was business as usual and that is exactly what the results show, with continual improvements to both product rangers and service reported throughout November.

“West One has announced reduction in rates specifically for self-employed borrowers with a minimum of two years trading, whilst United Trust Bank announced an increase in LTV to 80%.

“We’re now predicting that Q1 of 2021 will see lending volume return to pre-pandemic levels, with rumours that several lenders have new product ranges and significant pricing decreases planned for the start of 2021.”