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Second charge lending falls 9%

Second charge lending falls 9%

New second charge lending fell by 9% in July, the Finance & Leasing Association (FLA) has revealed.

Research released on 8th September found that there was £73m worth of new second charge mortgages issued during July, 9% lower than for the same period last year.

The volume of new business also fell by 18% year-on-year during July.

Despite this decline, the £885m of second charge mortgages issued for the 12 months to July 2016 represented a growth of 19%.

The value of credit cards and personal loans also grew by 7% over the same period.

Meanwhile, total FLA consumer finance lending grew 9%.

Geraldine Kilkelly, head of research and chief economist at the FLA, said: “FLA consumer finance new business grew by 10% in the first seven months of 2016, despite a relatively quiet month in July.

“The FLA’s latest research carried out by Oxford Economics suggests that new UK consumer credit will be broadly stable in 2017.

“Maintaining consumer confidence will remain a key task for the government, the Bank of England and other public bodies in the coming months.”

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