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