Second charge lending returns to March 2020 levels: FLA
Second charge lending stabilised in March, reporting the highest monthly new business volumes since March 2020, according to the latest figures from the Finance & Leasing Association.
"In March, the second charge mortgage market reported its highest monthly new business volumes since the same month in 2020."
The number of new agreements totalled 2,048 in March, on par with the levels seen 12 months ago, before the first Covid lockdown.
The value of new business totalled £88m during the month, down 5% compared to March 2020.
Due to weaker lending earlier in the year, the number of new agreements totalled 4,959 in Q1, 25% below Q1 2020.
Fiona Hoyle, director of consumer and mortgage finance at the FLA, said: “In March, the second charge mortgage market reported its highest monthly new business volumes since the same month in 2020. FLA members are increasingly optimistic about the outlook and we expect to see a strong rebound in demand over the next year.”
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