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New second charge business grows by 43%


New second charge business grows by 43%

New business in second charge mortgage market rose 43% in value in December, contributing to a 34% increase in the value of new business in 2015, according to the figures released by the Finance & Leasing Association (FLA).

Volumes rose by 19% in the final month of last year which resulted in a 9% increase in volumes for 2015 as a whole.

The gains for second charge mortgages also helped new business in the consumer finance industry to grow by 8% last year.

Gerardine Kilkelly, Head of Research and Chief Economist at the FLA, said: “The growth in consumer finance new business in 2015 was in line with expectations.

“It reflects continued consumer confidence and the ability of member firms to provide credit responsibly, while adapting to the rapid pace of regulatory change following the introduction of the Financial Conduct Authority’s new consumer credit regime.

“We expect further single-digit new business growth in 2016.”

The December and year-end figures from the FLA follows the publication of the Enterprise Secured Loans Index, revealing that second charge lending hit an all-time high of £98.5m in October last year. 





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