Second charge mortgage lending up 21% in April

 

FLA Figures released today by the Finance & Leasing Association (FLA) show that new business grew by 7% in April 2014, compared with the same month last year. Credit card finance and personal loans grew by 3% in the same period, as did retail store and online credit.

The second charge mortgage market in April reported the value of new business up by 21%, although the number of new contracts fell slightly, by 2% compared with the same month in 2013.

Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:

“Growth rates in April across the main consumer finance sectors were more modest than in recent months.  Nevertheless, FLA members’ share of the UK consumer credit market increased to 33.5% in the twelve months to April, up from 33.4% in March.

“April 2014 also saw a big change to the way in which consumer credit is regulated in the UK, with the introduction of the Financial Conduct Authority’s (FCA) new supervisory regime.”

Table 1: New consumer credit lending

Apr. 14

% change on prev. year

3 months to Apr. 2014

% change on prev. year

12 months to Apr.  2014

% change on prev. year

Total FLA consumer finance (£m)

5,827

+7

18,218

+13

69,475

+10

Data extracts:
Retail store and online credit (£m)

459

+3

1,408

+8

6,045

+6

Credit cards & personal loans (£m)

3,055

+3

9,005

+7

37,007

+3

Second mortgages (£m)

46

+21

139

+38

497

+38

Car finance (£m)

1,966

+13

6,777

+24

22,500

+25

 

 

This entry was posted in Secured Loans and tagged , . Bookmark the permalink.