Poll
Second mortgages up to £49m for March
Second mortgages are up £40 million year-on-year, with the latest FLA figures revealed taht second mortgages are up to £49 million for March.
Figures released today by the Finance & Leasing Association (FLA) show that new consumer finance grew by 19% in March, with second mortgages leading the charge.
Growth in new business extended beyond the point-of-sale market into credit card finance and personal loans, with an increase in these two sectors of 12% in March, and a 10% rise in Q1 this year.
Commenting, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“First quarter results show strong performances across the consumer finance sector. Responsibly-provided credit has supported the economic recovery and will be an important factor in sustaining it as household incomes improve.”
Table 1: New consumer credit lending
|
|
Mar. 14 |
% change on prev. year |
3 months to Mar. 2014 |
% change on prev. year |
12 months to Mar. 2014 |
% change on prev. year |
|
Total FLA consumer finance (£m) |
7,410 |
+19 |
18,006 |
+17 |
69,117 |
+10 |
|
|
|
|
|
|
|
|
|
Data extracts: |
|
|
|
|
|
|
|
Retail store and online credit (£m) |
510 |
+11 |
1,431 |
+14 |
6,033 |
+6 |
|
Credit cards & personal loans (£m) |
3,154 |
+12 |
9,108 |
+10 |
36,917 |
+3 |
|
Second mortgages (£m) |
49 |
+40 |
137 |
+47 |
489 |
+42 |
|
Car finance (£m) |
3,352 |
+29 |
6,490 |
+29 |
22,269 |
+27 |
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