Second charge lending increased by 26% in April 2015 compared to the same month a year ago in terms of value, figures from the Finance & Leasing Association have revealed.
The FLA recorded £59m worth of seconds mortgage lending in April, while volumes also rose by 9% in the period.
Geraldine Kilkelly, head of research and chief economist at the FLA, said: “New finance provided to consumers by FLA members has been growing at a steady rate and in line with forecasts for growth in 2015 as a whole.
“Our latest research suggests that new consumer lending is likely to grow by 7% in 2015.”
The increased levels of second charge lending outstripped other forms of consumer credit by value, as in April 2015 year-on-year car finance rose by 18%, retail store and online credit increased by 7% and credit cards and personal loans rose by 2%.