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February’s second charge mortgage sales highest in two years – FLA

  • 08/04/2022
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February’s second charge mortgage sales highest in two years – FLA
Second charge mortgage new business volumes grew by 59 per cent in February, according to the Finance and Leasing Association (FLA).

The FLA reported a total value of £119m in new business in the month, with 2,660 new agreements made, the highest volume in two years.

The association reported that it has seen £1.192bn in new business in the 12 months between February 2021 and February 2022. This constitutes 27,624 new second charge agreements over the course of the year.

Between December 2021 and February 2022, second charge lending raked in £309m through 6,950 agreements, which was 60 per cent higher earnings and 50 per cent more agreements made than for the same period last year.

Fiona Hoyle, director of consumer and mortgage finance and inclusion at the FLA (pictured), said: “In February, the second charge mortgage market reported its highest monthly level of new business volumes for two years and has now returned to pre-pandemic levels of new business by both value and volume.

“As consumers face higher prices and pressure on disposable incomes, any customer worried about meeting payments should speak to their lender as soon as possible to find a solution.”

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