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New second charge lending drops




New second charge business volumes fell 6% in November, according to new figures from the Finance & Leasing Association (FLA).

The firm revealed that £225m of second charge mortgages was written in the three months to November, down 4% on the previous year.

This follows a 15% decrease in the value of second charge mortgage new business in October.

Meanwhile, the value of second charge mortgage new business remained stagnant in November, with zero growth reported.

Despite this, second charge new business growth for the 12 months to November 2016 remained 7% higher than in the previous year.

Other areas of consumer lending also reported growth, including a 13% rise to £31.6bn in car finance for the year ending November 2016. 

Credit cards and personal loans also rose 9% on the previous year, with £44.7bn lent in the 12 months to November.

“November saw new business growth across most of the main consumer finance products, as consumer confidence remained relatively robust in the build up to Christmas,” said Geraldine Kilkelly, head of research and chief economist at the FLA.

“In the 11 months to November 2016, overall new business grew by 10% compared with the same period in 2015.”




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