New figures released by the Finance & Leasing Association (FLA) shows that growth has continued in the second charge lending market in February, compared with the same month in 2017.

Commenting on the February 2018 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 growth in February, with new business up 4% by value and 9% by volume, compared with the same period in 2017. February saw an increase in the number of customers taking out a secured loan, which are often used to fund home improvements or deposits on a second property.”

Table 1: New second charge mortgage lending

Feb 2018

% change on prev. year

3 months to Feb2018

% change on prev. year

12 months to Feb2018

% change on prev. year

Value of new business (£m)

81

+4

233

+5

1,032

+17

Number of new agreements (No.)

1,742

+9

4,971

+7

22,270

+14