Second charge mortgage lending grows 44% in 2021: FLA
Second charge mortgage new business volumes grew by 36% in December and by 44% in 2021, according to the latest data from the Finance & Leasing Association.
"There is still room for growth as new business remains 16% lower by value and 14% lower by volume than in 2019."
The number of new agreements totalled 2,174 in December, taking the total of new second charge mortgages to 25,877 in 2021.
By value, the number of new deals was £99m in Decemer, a 53% rise on the same month in 2020. Over the year second charge lending totalled £1,110m - a 47% increase compared to 2020.
Fiona Hoyle, director of mortgage finance and inclusion at the FLA, said: “The second charge mortgage market has reported a sustained recovery in new business volumes since April 2021. There is still room for growth as new business remains 16% lower by value and 14% lower by volume than in 2019.”
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