Second charge lending growth hits ten-year high: FLA
Second charge lending was up 25% by value and 31% by volume in March compared to the same month in 2018, according to figures from the Finance & Leasing Association.
"In March, the second charge mortgage market reported its highest level of monthly new business volumes since October 2008."
The FLA says this is the highest monthly growth seen since October 2008.
Its data shows that new business lending totalled £108m in March and £292m over the first quarter of 2019 - a rise of 19%.
By volume, lending increased 25% in Q1 and 13% in the twelve months to march.
Fiona Hoyle, head of consumer and mortgage finance at the Finance & Leasing Association, said: “In March, the second charge mortgage market reported its highest level of monthly new business volumes since October 2008.
“It is a competitive and innovative market for consumers, with a growing number of broker partners.”
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