Second charge mortgage lending has increased for the second month in the row, with new business volumes pegged at £84m in May.
According to the latest Finance & Leasing Association (FLA) figures the value of new second charge mortgage lending business more than tripled from £21m in May last year, to around £84m in May this year.
The value of second charge mortgage lending is also up from £81m in April this year.
However, lending volumes have not fully returned to pre-pandemic levels with the value of new business for the 12 months to May this year pegged at £784m, which is down by a third compared to the previous year.
According to the FLA there were 1,910 new agreements during May, up from 486 in May last year almost three months into the first national lockdown.
New agreements also increased slightly compared to the previous month, increasing from 1,890.
The FLA reported that new agreements in the three months to May came to 5,848, up from 3,221 year-on-year.
However, the number of new agreements in the 12 months to May this year is down by more than a quarter, with 18,044 new agreements reported.
FLA’s director of consumer and mortgage finance and inclusion Fiona Hoyle said: “The improvement in consumer confidence means the market expects to see the recovery in new business continue during the second half of 2021.”
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.