There were 1943 new agreements for second charge mortgage lending in May, up 2% year-on-year, the Finance & Leasing Association (FLA) has found.
The number of new agreements was was 5547 in the three months to May, down by 1% year-on-year while in the 12 months to May it was 22,200, up 8% year-on-year.
The value of new business was £88m in the month, down 1% year-on-year and it was down 3% in the three months to May at £258m. In the 12 months to May the value of new business was £1,025m, up 9% year-on-year.
Matt Tristram, co-founder and director at Loans Warehouse, said: “After a slow few months, largely due to adjusting to the results of the FCA review and actions from that, it looks like the market has settled again and continuing to grow.
“I would expect results in June to see a further increase and a strong second half of 2018.”
Fiona Hoyle, head of consumer and mortgage finance at the FLA, said: “The May figures are consistent with the stable performance reported by the market in 2018 so far and are also in line with the performance of the wider mortgage market which reported new business steady in the first five months of 2018.”