Second charge lending up 29% in September: FLA

Second charge new business lending increased by 29% in September compared to the same month in 2021, according to the latest figures from the Finance & Leasing Association.

New agreements rose to 3,138 while the value of new lending increased by 42% to £145m year-on-year.

On a quarterly basis, lending rose 31% by volume compared to Q3 2021 and 49% by value to £4.44bn.

Fiona Hoyle, director of consumer and mortgage finance at the FLA, said: “The second charge mortgage market returned another strong performance in September with further double-digit growth in new business by both value and volume.

"The distribution by purpose of loan in September showed 57% of new agreements were for the consolidation of existing loans, 15% for home improvements, and a further 22% for both loan consolidation and home improvements."