Second charge mortgage new business volumes increased by 43% in October 2021 as the market continued to rebound from its pandemic slump, Finance & Leasing Association (FLA) figures have shown.
October’s second charge lending increased to £109m during the month, with average loan sizes at more than £42,800.
This is the first time lending has surpassed the £100m a month mark since February last year.
Fiona Hoyle (pictured), director of consumer & mortgage finance and inclusion at the Finance & Leasing Association (FLA), said: “A sustained period of growth by the second charge mortgage market has seen it return to more normal monthly levels of new business.
“We expect new business volumes to continue to grow despite heightened economic uncertainty over the coming months.”
| Oct 2021 | % change on prev. year | 3 months to Oct 2021 | % change on prev. year | 12 months to Oct 2021 | % change on prev. year | |
| Value of new business (£m) | 109 | 55 | 306 | 78 | 1,039 | 24 |
| Number of new agreements (No.) | 2,543 | 43 | 7,295 | 67 | 24,626 | 26 |
