Second charge lending volumes increased 22% by volume and 23% by value in May compared to the same month in 2018, according to the latest figures from the Finance and Leasing Association.
Quarterly lending in the three months to May rose 26% by volume compared to the same period in 2018 and the number of agreements is up by 16% over the 12-month period.
The amount of new lending also continued to increase, with monthly values recorded at over £100m for the second time in 2019.
Second charge lending has maintained a steady increase over 2019, with the value and volume of lending rising by over 20% in the FLA’s data for the past four months.
Fiona Hoyle, head of consumer and mortgage finance at the FLA said, “The second charge mortgage market remained buoyant in May, as monthly new business reached more than £100m for the second time this year.”