The number of second charge mortgages agreed in February was 9% higher than a year earlier at 3,071 and the total value of lending was 20% higher at £156m.
Figures from the Finance & Leasing Association, also show that the volume of loans was almost 6% higher than in January and the total value of loans was 7% higher.
However, February’s lending figures show slower annual growth as in January volumes were 24% higher and values were 29% higher year on year.
In February 58% of second charge mortgages were for the purpose of consolidating existing loans, 23% were for a dual purpose of consolidating debt and making home improvements and 11% were purely for home improvements.
FLA director of consumer and mortgage finance and inclusion Fiona Hoyle says:
“The second charge mortgage market reported further growth in February but at a slower pace than in recent months.
“As always, customers who are concerned about meeting payments should speak to their lender as soon as possible to find a solution.”
