Second charge lending returns to pre-pandemic levels: FLA
Second charge new business volumes grew by 149% in July, according to the latest data from the Finance & Leasing Association.
"The strong recovery reported by the second charge mortgage market in recent months continued in July as new business reached its highest level since February 2020."
The number of new agreements totalled 2,433 to reach the highest level since February 2020.
The total value of new agreements rose by 153% compared to July 2020 to £101m.
In Q2, the number of new sales totalled 6,396, up 198% compared to the same three months in 2020 at the height of the pandemic.
Fiona Hoyle, director of consumer and mortgage finance at the FLA, said: “The strong recovery reported by the second charge mortgage market in recent months continued in July as new business reached its highest level since February 2020.
"We expect to see further growth this year as the market returns to pre-pandemic levels of new business.”
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