New figures released by the Finance & Leasing Association (FLA) show that new business volumes in second charge mortgages continued to grow in 2017.

Commenting on the 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 “Second charge mortgage new business volumes have now returned to levels last seen in 2015, before regulation transferred to the FCA’s mortgage regime. The sector has shown resilience during a period of significant regulatory change, as it works to ensure that all the new regulatory requirements are in place. Consumers use second charge mortgages for a variety of purposes, particularly funding home improvements and property extensions.”

Table 1: New second charge mortgage lending

Dec 2017

% change on prev. year

3 months to Dec2017

% change on prev. year

12 months to Dec2017

% change on prev. year

Value of new business (£m)

76

+3

245

+9

1024

+14

Number of new agreements (No.)

1,584

-1

5,415

+7

21,947

+10

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