Second charge lending volumes up 42% in May: FLA
Second charge lending agreements totalled 2,873 in May, a 42% annual increase, figures from the Finance & Leasing Association show.
In the three months to May there were 8,733 total agreements, a 44% rise compared to the same quarter in 2021. On an annual basis lending rose 63% to 30,302 agreements in the 12 months to May compared to the preceding year.
Total second charge lending amounted to £133m in May, an annual rise of 53%. In the 12 months to May, lending totalled £1.33bn, 73% higher than in the previous year.
Fiona Hoyle, director of consumer and mortgage finance at the FLA, said: “The second charge mortgage market has returned to more normal levels of new business since June 2021.
"We expect new business to continue to grow in the coming months but at a slower rate. Annual new business volumes in May were 2% lower than 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:
Lloyds
Lloyds sets aside extra £4bn for high-LTI mortgage lending
Santander
Santander to acquire TSB in £2.65bn deal
Bank Of England
Bank of England issues first-of-its-kind fine of £11.9m
Regulation
Lenders urged to prepare for court ruling on commissions as motor finance complaints surge
Government
Government confirms launch of permanent Freedom to Buy mortgage scheme
FCA
FCA fines Barclays £42m over financial crime risks
