The second charge mortgage market experienced growth of 176% in April, according to the latest data from the Finance & Leasing Association (FLA).
Figures out today show the value of new business in this part of the mortgage market grew by 154% compared to the same month last year.
Fiona Hoyle, director of consumer & mortgage finance and inclusion at the Finance & Leasing Association (FLA), said: “The second charge mortgage market returned to growth in April in line with expectations given the adverse impact of the first lockdown on new business levels in the second quarter of 2020.
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“The market is expected to record a strong recovery in new business levels during the second half of 2021.”
Today’s data revealed there were 1,890 new agreements in April which represented a 176% increase compared to the same month in 2020.
The value of new business, meanwhile, was £81 million in April 2021 which was 154% up on the previous year.
During the peak of the lockdown, in April 2020, the value of new business had plunged by 43%. So today’s figures demonstrated the strong recovery which has taken place in the second charge market.
By Kate Saines
Source: Mortgage Finance Gazette
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