Second charge lending rises 48% in November: FLA
Second charge mortgage lending increased 48% by value and 36% by volume in November compared to the same month in 2020, according to the latest figures from the Finance & Leasing Association.
"New business volumes in 2021 as a whole are expected to be 16% below the pre-pandemic peak."
November saw 2,584 new agreements with a combined value of £114m.
In the three months to November, the number of new loans rose by 47% to 7,565 compared to the same period in 2020.
On an annual basis, lending rose 36% by both volume and value in the 12 months to November, with 25,303 new loans totalling £1.076bn.
Fiona Hoyle, director of consumer and mortgage finance at the FLA, said: “The second charge mortgage market reported its eighth consecutive month of new business volumes growth in November as the market continued its recover from the impacts of the pandemic. New business volumes in 2021 as a whole are expected to be 16% below the pre-pandemic peak.”
Breaking news
Direct to your inbox:
More
stories
you'll love:
This week's biggest stories:
FCA
FCA bans and fines financial adviser more than £740,000
In The Spotlight
'Turbulence in the mainstream market creates opportunities in the specialist space': Josh Knight, Glenhawk
Housing Market
Almost half of home sellers hit by broken property chains
Regulation
FCA bans and fines trio behind £35.5m investment scheme
This week's biggest stories:
FCA
FCA bans and fines financial adviser more than £740,000
In The Spotlight
'Turbulence in the mainstream market creates opportunities in the specialist space': Josh Knight, Glenhawk
Housing Market
Almost half of home sellers hit by broken property chains
Regulation
FCA bans and fines trio behind £35.5m investment scheme
CHL Mortgages
CHL enhances bridging range with AVMs and enhanced adverse credit criteria
Housing Market
July housing transactions dip 2% amid 'cautious market': HMRC
