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Second charge lending increases to four-year high

Second charge lending increases to four-year high

Category: Mortgages

Updated: 18/07/2013
First Published: 18/07/2013

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Second charge mortgage lending exceeded £40 million for the third consecutive month during June this year, climbing to over £41 million, latest figures have shown.

The volume of second charge loans issued to borrowers last month increased by 49.3% compared with the same period in 2012, representing the highest quarterly level of growth for the sector since the third quarter of 2009.

Despite the annual rise in second charge lending, secured lending was found to have dropped by £1.79 million between May and June this year to £41.9 million.

Loans Warehouse, which published the findings, said: "The amount lent between April and June 2013 stands at £127,281,169.50, which is the best three month lending period since July to September 2009.

"In fact, you have to go back to 2008 to the second quarter to find a three month period that surpasses the latest quarter."

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