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New second charge lending up 10%


Property

New second charge mortgage lending rose 10% in February, according to recent figures.

The Finance & Leasing Association (FLA) reported £76m worth of new second charge lending in February 2017, up from the £69m recorded in the previous month.

This rise came despite a 6% year-on-year decline in new second charge lending for the three months to February, two percentage points lower than for the three months to January.

The news was accompanied by a significant drop in total FLA consumer finance, with new lending falling from £7.1bn in January to just £6.3bn in February.

Geraldine Kilkelly, head of research and chief economist at the FLA, said: “The fall in new business in February was the first monthly contraction since January 2015.

“The latest research by Oxford Economics – on behalf of the FLA – suggests that total UK new consumer credit is expected to grow at a more modest rate in 2017 as a whole than in recent years.”

The decline was driven in part by an 11% drop in new credit card and personal finance lending, with figures dropping from £3.9bn in January 2017 to £3.5bn the following month.

Car finance also fell more than 14% to just £2bn in February.





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