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.”
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
