Second charge new business volumes rose by 293% in May 2021, according to the Finance & Leasing Association (FLA).
The number of new agreements in May was 1,910, and the value of new business was £84m.
In the three months to May 2021, the number of new agreements rose by 82% to 5,848, and the value of new business increased by 74% to £253m.
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However, year-on-on-year, the number of new agreements fell by 27% to 18,044, and the value of new business dropped by 33% to £784m.
Fiona Hoyle, director of consumer and mortgage finance and inclusion at the FLA, said: “The second charge mortgage market reported a second consecutive month of growth in May, and new business volumes increased by 12% in the first five months of 2021.
“The improvement in consumer confidence means the market expects to see the recovery in new business continue during the second half of 2021.”
By Jake Carter
Source: Mortgage Introducer
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