The volume of new second charge lending business rose in March across both the value of loans and number of agreements.
Figures from the Finance and Leasing Association (FLA) showed that £139m in new business was completed during the month and 3,058 agreements were conducted. This represented annual increases of 53 per cent and 42 per cent respectively.
Fiona Hoyle (pictured), director of consumer and mortgage finance and inclusion at the FLA, said new business was at its highest level since September 2008, the year of the financial crisis.
In the three months to March, the value of new second charge business amounted to £349m, a 59 per cent rise on the same period in 2021. A similar increase was seen in the number of new agreements which totalled 7,834 during the quarter, which was a 51 per cent jump.
Hoyle added: “The market helps consumers in a variety of ways, including funding home improvements and by better management of their finances through loan consolidation.
“As always, any customer worried about meeting payments should speak to their lender as soon as possible to find a solution.”
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS