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