32% rise in second mortgages reported by FLA

Second charge mortgage new business was 32 per cent higher in July 2013 than the previous year, according to new figures released by the Finance & Leasing Association.

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In that 12 months between July 2012 and July 2013, £394m worth of second mortgage new business was completed representing a 29 per cent increase on the year before.

The stats are part of the FLA new consumer credit lending data which analyses lending in such areas as store cards, credit cards and personal loans, car finance and second mortgages.

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.”