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FLA publish £101m secured lending report

FLA publish £101m secured lending report

The latest Finance & Leasing Association (FLA) figures have shown that April’s secured lending increased by 58 per cent on the amount lent in April 2012.

In April 2013, £38 million was lent in second mortgages by FLA members, bringing the total lending in the three months to April up to £101 million, a 35 per cent increase on the same period in the previous year.


In the 12 months up to April 2013 FLA members have lent a total of £359 million, which represents a 20 per cent growth on the previous 12-month period.


Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said: “The second charge mortgage market reported its strongest rate of growth in new business in more than four years in April.  By value and volume, new business grew by 58 per cent (to £38 million) and 38 per cent (to 1,241) respectively compared with the same month in 2012.




Apr 13

% change on prev. year

3 months to Apr 2013

% change on prev. year

12 months to Apr 2013

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Second mortgages (£m)








“The average advance on a new second charge mortgage in April was £30,620, which was 15 per cent higher than in April 2012. So far in 2013, second charge mortgage advances have grown by 34 per cent, while the number of new contracts grew by 15 per cent.”


Second charge lending hit the £300 million mark in the 12-month period up to April 2012, a figure which had not been reached up to and including November 2010. Since then, bar a couple of months’ statistics, second charge lending has gone from strength-to-strength, epitomised by the level and frequency or new product and technological innovation within the industry, and also the new lenders which have joined the industry, or indeed those on the cusp of launching.


The results support the Loans Warehouse’s Secured Loan Index announcement a few weeks ago, which includes lenders’ figures who are not FLA members, that stated secured lending had broken the £40 million barrier for the first time in three years.


The full details of the FLA’s consumer credit lending statistics, which includes loans obtained from store cards, credit cards and personal loans to store instalment credit and car finance, can be viewed here.


By Jason McGee-Abe

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