New figures released by the Finance & Leasing Association (FLA) show that the second charge mortgage market reported that volumes were up by 23% in July.

Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association (FLA), said “In July, the second charge mortgage market reported its highest monthly new business volumes since October 2008.

“The popularity of second charge finance is continuing to grow, with consumers increasingly using it to fund property extensions and other home improvements.”

Table 1: New second charge mortgage lending

Jul 2019

% change on prev. year

3 months to Jul 2019

% change on prev. year

12 months to Jul 2019

% change on prev. year

Value of new business (£m)

115

+17

327

+18

1,182

+15

Number of new agreements (No.)

2,656

+23

7,307

+20

26,452

+19