Second charge lending growth continues in February

Second charge lending growth continues in February

The Finance & Leasing Association (FLA) has published new business figures for the second charge mortgage market in February.

The trade body reported that second charge new business from its members totalled £81m.

Fiona Hoyle, head of consumer and mortgage finance at the Finance & Leasing Association (FLA), said: “The second charge mortgage market reported growth in February, with new business up 4% by value and 9% by volume, compared with the same period in 2017.

“February saw an increase in the number of customers taking out a secured loan, which are often used to fund home improvements or deposits on a second property.”