BridgingSecond Charge

Second charge market grows 40%

The second charge mortgage market reported new business growth of 40% by value and 17% by volume – the fifth consecutive month of double-digit volumes growth.

Figures released today by the Finance & Leasing Association also showed consumer finance grew 22% over the year to February.

Credit card and personal loan new business together grew by 23% compared with February 2015, while retail store and online credit increased by 6% over the same period.

Geraldine Kilkelly, head of research and chief economist at the FLA, said: “The latest figures reflect robust consumer confidence, particularly with regard to their own personal finances.

“In 2015, household real disposable incomes grew at their fastest rate since 2001 and should continue to be supported this year by low interest and inflation rates as well as stronger wage growth.”

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