Second charge mortgage lending elevated by 13% yr on yr in May to succeed in £160m.
The newest figures from the Finance & Leasing Association present that there have been 3,293 loans in May, which was 11% larger than in the identical month final yr.
The whole lent over the total yr to May was £1.84bn, a rise of 24% on the quantity lent over the yr to May 2024.
More than 37,000 second charge loans had been superior over 12 months, which was 16% larger than the earlier yr’s determine, in line with the commerce physique.
FLA director of client and mortgage finance and inclusion Fiona Hoyle says: “The second charge mortgage market returned to progress in May, reporting its second highest whole of recent enterprise to this point this yr by each worth and quantity.
“The proportion of recent agreements which had been for the consolidation of present loans was 58.9%; for residence enhancements and the consolidation of present loans was 22.4%; and for residence enhancements solely was 11.9%.
“As all the time, prospects who’re involved about assembly funds ought to converse to their lender as quickly as attainable to discover a resolution.”
