Second charge lending rises 9% in February: FLA

Its data shows that the value of new business was also up by 4%.

The latest figures follow smaller growth of around 3% in November and December but slightly below the 13% recorded in January.

Fiona Hoyle, head of consumer and mortgage finance at the Finance & Leasing Association, said: “The second charge mortgage market reported growth in February, with new business up 4% by value and 9% by volume, compared with the same period in 2017.

“February saw an increase in the number of customers taking out a secured loan, which are often used to fund home improvements or deposits on a second property.

“The latest figures reflect the recent general improvement in consumer confidence. Real earnings have begun to grow again as consumer price inflation has slowed, which has contributed to consumers feeling more confident about their own finances and spending.”