View more on these topics

Second charge mortgage lending up 11% in July

Second charge mortgage lending shot up by 11 per cent by value in July according to the latest figures from the Finance & Leasing Association.

By value there were £31m worth of second charge mortgages over the month, up 11 per cent year-on-year. In the three months to July there were £84m in total up 8 per cent and in terms of the year total to July £306m had been secured, which was also up 8 per cent.

Overall there was a 10 per cent increase in credit provided by FLA members in July at £4.58bn – the store instalment credit market led the growth, up by 33% in July compared with July 2011. Car finance was up by 28% by value and credit cards and personal loans by 2% over the same period. Only in the store card market did spending fall, down 14 per cent on the previous year £116m.

FLA head of consumer finance Fiona Hoyle says the figures show the importance of high street credit, whether provided by large retail chains or smaller independent stores, in helping consumers access the goods and services they require.

She says: “After last week’s reshuffle, the Government has some important decisions to make about the proposed new regulatory regime for consumer credit to ensure that high street businesses can both grow and deliver consumer choice.”


David Copland

Having the right support is crucial

I have been out and about a lot recently and one of the overriding themes of conversations with brokers is the trouble many are having recruiting good advisers. Those that understand a client’s needs and are willing to go the extra mile to find solutions, not just for the sale but because they really care. […]

HSBC launches fee-free seven-year and lifetime deals

HSBC last week launched a seven-year fixed rate mortgage at 90 per cent LTV with a rate of 4.89 per cent and no fees. The direct-only lender is offering the same rate on 90 per cent LTV fixed rate mortgages for two, three and five years.  In addition, HSBC is launching a fee-free lifetime tracker […]

Burnett: what needs to happen for value to start performing again?

Value stocks have significantly underperformed growth stocks in Europe in the past decade. However, Rob Burnett, manager of the Neptune European Opportunities Fund, believes we are now approaching an inflection point. Watch the video below to find out more. In the video, Rob discusses: How low inflation and loose monetary policy since the global financial […]


News and expert analysis straight to your inbox

Sign up
  • Post a comment
  • snugloans 19th September 2012 at 11:39 am

    Apply for instant online loans for bad credit history through 2012 at and for quick online payday loan take 3 simple steps and get low interest loans.