Second charge market continues recovery with second month of growth: FLA
The second charge mortgage market saw growth for the second consecutive month in May, according to the latest figures from the Finance & Leasing Association.
"The second charge mortgage market reported a second consecutive month of growth in May, and new business volumes increased by 12% in the first five months of 2021."
In May 2021, second charge lending volumes increased by 293% compared to the same month in 2020 during the height of the pandemic.
New business volumes have now increased by 12% in the first five months of 2021.
Fiona Hoyle, director of consumer and mortgage finance and inclusion at the FLA, said: “The second charge mortgage market reported a second consecutive month of growth in May, and new business volumes increased by 12% in the first five months of 2021.
"The improvement in consumer confidence means the market expects to see the recovery in new business continue during the second half of 2021.”
