Second charge lending rises by 176% in April: FLA
Second charge mortgage new business volumes grew by 176% in April 2021, according to the latest figures from the Finance & Leasing Association.
"The market is expected to record a strong recovery in new business levels during the second half of 2021."
The number of new agreements rose by 176% to 1,890, while the value of new business increased by 154% to £81m.
In the three months to April, lending grew 7% in volume and 2% by value compared to the same months in 2020.
However, in the 12 months to April, lending remains down 38% by volume compared to the previous year.
Fiona Hoyle, director of consumer and mortgage finance at the FLA, said: “The second charge mortgage market returned to growth in April in line with expectations given the adverse impact of the first lockdown on new business levels in the second quarter of 2020.
"The market is expected to record a strong recovery in new business levels during the second half of 2021.”
