Second charge lending figures don’t properly reflect the strength of the sector, according to Tim Wheeldon, chief operating officer of Fluent Money.

This comes after the Finance and Leasing Association (FLA) released its latest figures on Friday, which showed a 6% month-on-month decline by value and 11% by volume in second charge mortgage lending.

Wheeldon said: “Clearly the figures don’t lie but it needs to be remembered that overall the January numbers improved on the same period last year and January tends to be a leaner month as completed cases are largely a result of December’s sales activity.

“Our experience continues to be particularly positive, but I am aware that there are providers who are struggling to come to terms with the new realities of second charge lending post MCD.”

The figures by FLA outlined that despite a decline in value and volume, the overall second charge sector remains 1% larger than it was in January 2016, and growth in the wider consumer finance sector has increased by 10% year-on-year.

Wheeldon concluded: “I always said that it would be a slower process to see strong levels of growth. More education is going in to help brokers new to the sector feel more confident about the new choices.

“This was always going to be a marathon and not a sprint.”