Second charge lending at highest levels since 2008: FLA
Second charge mortgage new business volumes grew by 42% in March 2022, according to the latest data from the Finance & Leasing Association.
"New business volumes in the second charge mortgage market in March reached their highest level since September 2008."
The number of new agreements totalled 3,058 in March, while the value of new business rose by 53% compared with March 2021 to £139m.
Over Q1 2022, lending rose 51% by volume and 59% by value compared to the same quarter in 2021.
Fiona Hoyle, director of consumer and mortgage finance at the FLA, said: “New business volumes in the second charge mortgage market in March reached their highest level since September 2008. The market helps consumers in a variety of ways, including funding home improvements and by better management of their finances through loan consolidation.
“As always, any customer worried about meeting payments should speak to their lender as soon as possible to find a solution.”
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