Second charge lending returns to pre-pandemic levels with 59% growth: FLA
The second charge mortgage market has reported its highest monthly level of new business volumes for two years, returning to pre-pandemic levels, according to the latest data from the Finance & Leasing Association.
"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"
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.”
Breaking news
Direct to your inbox:
More
stories
you'll love:
This week's biggest stories:
Santander
Santander launches 98% LTV ‘My First Mortgage’
First-time Buyer
Improved affordability sparks 20% rise in first-time buyers: NationwideÂ
Blogs
Mark Eaton: Is 2026 the year brokers die out?
Inflation
Further rate cuts dampened as inflation rebounds to 3.4%
Mortgage Rates
Two Big Six lenders increase mortgage rates as swaps rise
Interest Rates
Looser Fed policy stance could slow further rate cuts, policymakers warn
