Second charge lending boosted

Second charge mortgage lending in the year to July was up 29 per cent on the previous year, according to figures published last week by the Finance & Leasing Association.

In the 12 months to July, £394m of second charge lending was completed, up from roughly £305m in the same period a year earlier.

Around £41m was advanced in July, up 32 per cent on the previous July.

FLA head of consumer lending Fiona Hoyle says: “Our latest figures show the important contribution the credit sector provides to the wider economy. Maintaining capacity in the credit market should be a priority now that the countdown to the new FCA regime has begun.”