New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business fell 10% by value and 13% by volume in March, compared with the same month in 2017. In Q1 2018 as a whole, new business increased 1% by volume compared with the same quarter in 2017.
Fiona Hoyle, Head of Consumer and Mortgage Finance at the FLA, said “March was a quieter month for the consumer credit markets in general. These latest figures show a stable picture for new business volumes in the first quarter overall.”
Table 1: New second charge mortgage lending
|Mar 2018||% change on prev. year||3 months to Mar2018||% change on prev. year||12 months to Mar2018||% change on prev. year|
|Value of new business (£m)||86||-10||244||0||1,023||+15|
|Number of new agreements (No.)||1,826||-13||5,213||+1||22,007||+11|