July's second charge lending up 153% year on year: FLA

10 Sep 2021

Second charge mortgage lending grew by 153% to £101m in July, compared to the same month last year, figures from the Finance and Leasing Association reveal.

The number of second charge loans agreed in July was also 149% higher than the same time last year at 2,433.

The value of lending over the past three months was 217% higher than the equivalent period of 2020 at £279m.

However, the total lent over the 12 months up to the end of July was 11% lower than the previous 12 months at £894m.

FLA director of consumer and mortgage finance Fiona Hoyle says: “The strong recovery reported by the second charge mortgage market in recent months continued in July as new business reached its highest level since February 2020.

“We expect to see further growth this year as the market returns to pre-pandemic levels of new business.”