Second charge lending returns to pre-pandemic levels with 59% growth: FLA

The number of new agreements rose by 59% to 2,660 and the value was 70% higher at £119m compared to February 2021.

On an annual basis, second charge lending rose 72% by volume and 80% by value in the year to February compared to the previous 12 months.

Fiona Hoyle, director of mortgage finance and inclusion at the FLA, said: “In February, the second charge mortgage market reported its highest monthly level of new business volumes for two years and has now returned to pre-pandemic levels of new business by both value and volume.

“As consumers face higher prices and pressure on disposable incomes, any customer worried about meeting payments should speak to their lender as soon as possible to find a solution.”