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Second charge business shows ‘continued recovery’ in January ‒ FLA

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  • 11/03/2022
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Second charge business shows ‘continued recovery’ in January ‒ FLA
The number of new second charge loan agreements grew by 57 per cent in January to 2,116, which is a sign of “continued recovery” for the market.

According to figures from the Finance and Leasing Association (FLA), there were 2,116 new second charge mortgage agreements in January, which is 57 per cent up on the same period last year.

The report added that in the three months to January there had been 6,874 new second charge mortgage agreements and in the 12 months up to January there were 26,642 new second charge mortgage agreements.

The value of the new second charge mortgage business in January came to £91m, which is 56 per cent more than the same period last year.

In the three months to January the value of new second charge mortgage business was £305m, which was up 52 per cent from last year.

The report added that in the 12 months to January 2022 the value of new second charge mortgage business amounted to £1.14bn, up 62 per cent on the previous year.

Fiona Hoyle (pictured), FLA’s director of consumer and mortgage finance and inclusion, said: “The second charge mortgage market continued its recovery in January with further strong growth in new business volumes.

“This market helps consumers in a variety of ways, including home improvements, and will continue to do so as households face increasing pressure on disposable incomes over the coming months.”

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