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Second charge achieves first consecutive £100m lending months in more than a decade

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  • 07/06/2019
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Second charge achieves first consecutive £100m lending months in more than a decade
Second charge business broke £100m in lending for the second consecutive month in April, the first time in more than ten years.

 

The Finance and Leasing Association (FLA) confirmed the last time more than £100m of second charge lending occurred in consecutive months was in 2008.

The sector also recorded its eighth consecutive month of double-digit growth in the number of new agreements completed, according to FLA data.

Lending value increased by 23 per cent in April compared to the same month last year, with £102m worth of loans completed.

The figure of 2,206 agreements made in April was also up 24 per cent on April 2018.

Both figures were slightly down on the 2,392 deals worth £108m completed in March 2019, but the results continue the strong start to the year and improved performance over the last year.

In the last 12 months 25,243 second charge loans have been taken out worth £1.135bn – up 11 per cent and 14 per cent respectively on the 12 months to April 2018.

And in the last three months 6,769 deals have been completed for £309m in lending, up 23 per cent and 26 per cent on the three months to April 2018.

Fiona Hoyle, head of consumer and mortgage finance at the Finance & Leasing Association (FLA), said: “In April, the second charge mortgage market reported its eighth consecutive month of double-digit new business growth.

“This is a great performance for what is an increasingly popular product.”

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