Second charge mortgage new business growth in July

Commenting on the July 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 “The second charge mortgage market reported its fifth consecutive month of growth in July, with new business up 23% by value and 21% by volume. In the first seven months of 2017, the number of new second charge mortgages grew by 13% to reach 12,378. It is important to remember that this growth is from a relatively low base.  Nonetheless, the latest figures show that more customers are taking out a second charge mortgage – for example to fund renovations or help family members with a deposit for their first home.”

Table 1: New second charge mortgage lending

	July 2017	% change on prev. year	3 months to July2017	% change on prev. year	12 months to July2017	% change on prev. year
Value of new business (£m)	90	+23	270	+27	956	+8
Number of new agreements (No.)	1,977	+21	5,798	+24	20,714	+4