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:
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
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
Vida
Vida launches high LTV 'Pathway' mortgage range
