New figures released by the Finance & Leasing Association (FLA) show that Second charge mortgage new business volumes up by 19% in 2019.

Commenting on the full year 2019 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 double-digit growth in each month of 2019.  New business volumes reached over 28,000 agreements in 2019, which was the highest annual total since 2008.”

“Although still a relatively small sector, second charge mortgages are proving popular with consumers and we expect the market to continue to grow in 2020.”

New second charge mortgage lending

Dec 2019

% change on prev. year

3 months to Dec 2019

% change on prev. year

12 months to Dec 2019

% change on prev. year

Value of new business (£m)

94

19

327

17

1,251

18

Number of new agreements (No.)

2,068

16

7,319

15

28,016

19