The latest figures from Finance & Leasing Association (FLA) have shown a continuing growth in second charge mortgages.

Commenting on the August 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 another strong month in August, with new business continuing to grow from a low base. A second charge mortgage provides a useful alternative where homeowners want to raise additional funds but do not want to change their existing first charge mortgage.”

Table 1: New second charge mortgage lending

Aug 2017

% change on prev. year

3 months to Aug2017

% change on prev. year

12 months to Aug2017

% change on prev. year

Value of new business (£m)

91

+25

274

+27

974

+10

Number of new agreements (No.)

1,905

+11

5,852

+18

20,910

+4