The Finance & Leasing Association (FLA) has reported 2,174 new second charge mortgage lending agreements in December 2021, bringing the total number of new second charge mortgages for 2021 to 25,877 – a 44% increase from the previous year.
The new agreements for December 2021 were valued at £99 million, representing a 53% increase from December of the previous year, while the overall value of new second charge mortgages for 2021 rose to £1,110 million, 47% more than in 2020.
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“The second-charge mortgage market has reported a sustained recovery in new business volumes since April 2021,” said Fiona Hoyle, director of consumer & mortgage finance and inclusion at the FLA.
She also noted, however, that “[there] is still room for growth as new business remains 16% lower by value and 14% lower by volume than in 2019.”
By Mary Or
Source: Mortgage Introducer
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