May second charge market surpasses £100m

The second charge lending market continued to grow for the ninth consecutive month, according to the Finance & Leasing Association.

Overall, there were 2,378 new agreements made, this represents a 22 per cent increase on an annual basis.

There were 25,670 new agreements in the last 12 months to May, the FLA report details,a 16 per cent rise on the previous year.

Meanwhile, the value of new business in May came to £108m, a 23 per cent rise, and in the year to May this figure increased by 12 per cent, to £1.15bn.

Finance & Leasing Association head of consumer and mortgage finance Fiona Hoyle says: “The second charge mortgage market remained buoyant in May, as monthly new business reached more than £100m for the second time this year.”

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