Second charge lending up 37% in August: FLA
Second charge mortgage new business volumes grew by 37% in August 2022, according to the latest data from the Finance & Leasing Association.
"The second charge mortgage market reported another strong performance in August, with annual new business volumes 5% higher than pre-pandemic."
By value, second charge lending grew by 61% to £153m compared to the same month a year earlier.
In the three months to August, lending grew 45% by value and 30% by volume compared to the same quarter in 2021.
Fiona Hoyle, director of consumer and mortgage finance at the FLA, said: “The second charge mortgage market reported another strong performance in August, with annual new business volumes 5% higher than pre-pandemic.
"The distribution by purpose remained in line with recent months: 54% of new agreements were for the consolidation of existing loans, 15% for home improvements, and a further 25% for both loan consolidation and home improvements.”
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