Second charge lending continues to increase

The second charge mortgage market saw a 43% increase by value and 23% by volume in May.

According to the latest figures released by the Finance & Leasing Association (FLA) there was a 5% increase in new consumer finance in May 2013.

Fiona Hoyle, Head of Consumer Credit at the FLA, said: “These figures show continued demand for the affordable, responsibly-provided credit which is so important for economic recovery.

“As the Government finalises the statutory framework for the transfer of consumer credit regulation to the Financial Conduct Authority in April 2014, it is vital that the supply of credit to consumers is maintained.

“The start of the new regime is only nine months away, and the new regulator has a lot to do in a very short time to ensure a sensible transition process.”

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