Second charge lending volumes up 24%
Second charge mortgage volumes increased by 24% in April compared to the same month in 2018, according to the latest figures from the Finance and Leasing Association.
"The second charge mortgage market reported its eighth consecutive month of double-digit new business growth."
New business increased 23% by value to £102m in April and saw growth of 11% over the twelve months with annual lending totalling £1.14bn.
The number of new agreements increased by 14% annually to 25,243.
The figures for April continue the strong growth seen in the previous month, which saw lending increase 25% by value and 31% by volume.
Fiona Hoyle, head of consumer and mortgage finance at the FLA, said: “In April, the second charge mortgage market reported its eighth consecutive month of double-digit new business growth.
“This is a great performance for what is an increasingly popular product.”
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