Second charge lending grows 57% in January: FLA
Second charge mortgage lending increased by 57% in January compared to the previous year, according to the latest figures from the Finance & Leasing Association.
"The second charge mortgage market continued its recovery in January with further strong growth in new business volumes."
The number of new business agreements increased by 57% to 2,116, with the value of new lending rising by 56% to £91m.
On an annual basis, the volume of new lending also rose by 57% compared to the previous 12 months, while the value of lending increased by 62% to £1.14bn.
Second charge mortgage lending grew 44% in 2021, according to last month's figures.
Fiona Hoyle, director of consumer and mortgage finance at the FLA, said: “The second charge mortgage market continued its recovery in January with further strong growth in new business volumes.
"This market helps consumers in a variety of ways, including home improvements, and will continue to do so as households face increasing pressure on disposable incomes over the coming months.”
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