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Second charge lending surges by 31%


Second charge lending surges by 31%

The value of second charge mortgage new business grew by 31% in August compared with the same month a year ago, according to the Finance and Leasing Association (FLA)…

The industry body for the asset finance, consumer finance and motor finance sectors says £64m worth of new second charge loans were written in August 2015.

The FLA also revealed that £701m worth of new second charge mortgage business were completed in the 12 months to August, a 27% increase on the previous year, and the biggest gain when compared with all other areas of consumer credit lending.

The organisation said growth in consumer finance new business rose 6% to £76.98bn in the 12 months to August compared with a 3% gain for retail store and online credit, a 2% improvement for credit cards and personal loans and a 1% rise for car finance.

Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, concluded: “Consumer finance new business provided by FLA members grew for the seventh consecutive month in August, reflecting the continued improvement in consumer confidence since the beginning of 2015.”

 




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