"The recovery in consumer finance new business in April follows a quiet end to the first quarter of 2018 "
Second charge new business recovered in April after a quiet March, increasing 2% by value and 8% by volume compared with April 2017, according to figures from the Finance & Leasing Association.
Second charge mortgage lending fell 13% by volume and 10% by value to £86m in March, following five months of growth in the market.
Geraldine Kilkelly, head of research and chief economist at the FLA, said: “The recovery in consumer finance new business in April follows a quiet end to the first quarter of 2018 and is consistent with recent improvements in consumer confidence and retail sales."
Fiona Hoyle, head of consumer and mortgage finance at the FLA, added: “The second charge mortgage market reported new business growth of 2% by value and 8% by volume in April, compared with the same period in 2017. In the three months to April 2018, the number of new second charge mortgages was 5,339, unchanged on the same period in 2017.
“This versatile product continues to prove popular with customers.”