New figures released by the Finance & Leasing Association (FLA) show that the second charge mortgage growth continued in June.

Commenting on the June 2017 new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association (FLA), said “In June, the second charge mortgage market reported its fourth consecutive month of growth, with new business up 33% by value and 22% by volume. The number of new second charge mortgages in the first half of 2017 was 10,401, 11% higher than in the same period in 2016.”

“Second charge mortgages can be particularly useful when a customer wants to raise additional funds but does not want to change their existing first mortgage – especially where this involves additional costs. They are regularly used by customers to fund home improvements.”

 

Table 1: New second charge mortgage lending

June 2017

% change on prev. year

3 months to June2017

% change on prev. year

12 months to June2017

% change on prev. year

Value of new business (£m)

94

+33

259

+36

940

+5

Number of new agreements (No.)

1,970

+22

5,402

+28

20,371

0