Second charge lending up 21% in April: FLA
The value of new business increased by 29% year-on-year.
Second charge mortgage new business volumes grew by 21% in April compared with the same month last year, with the value of lending up 29%, according to the latest figures from the Finance & Leasing Association (FLA).
In the three months to April, lending rose 34% by value and 23% by volume, with lending in the year to April up 28% by value and 20% by volume compared to the previous 12 months.
Fiona Hoyle, director of consumer finance & mortgages and inclusion the FLA, said: “The second charge mortgage market continued to grow strongly in April, with new business up 29% by value and 21% by volume, highlighting sustained demand for flexible borrowing options in the current environment.
“Looking ahead, demand is likely to remain supported by this need for flexibility, with second charge mortgages well placed to help households manage budgets and maintain financial resilience as economic conditions evolve.”
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