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Second charge lending breaks £100m for third straight month
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Owain ThomasSecond charge mortgages enable you to borrow funds secured against your home on top of, and separate to, your existing mortgage
Second charge mortgage lending topped £100m for the third consecutive month as the sector continued its strong performance.
Figures from trade body the Finance and Leasing Association (FLA) for May saw £108m lent through 2,378 transactions.
Both these totals were up 22 per cent and 23 per cent respectively on the same month last year, and a repeat of the gains seen in April.
The growth took the total lent over the last 12 months to £1.15bn from 25,670 transactions – gains of 12 per cent and 16 per cent respectively.
FLA head of consumer and mortgage finance Fiona Hoyle, said: “The second charge mortgage market remained buoyant in May.”
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The overall consumer finance sector fell by two per cent to £8.87bn, with credit card and personal loan volumes slipping by five per cent and car finance by one per cent.
Retail store and online credit business rose by two per cent.