New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business fell 10% by value and 13% by volume in March, compared with the same month in 2017.  In Q1 2018 as a whole, new business increased 1% by volume compared with the same quarter in 2017.

Fiona Hoyle, Head of Consumer and Mortgage Finance at the FLA, said “March was a quieter month for the consumer credit markets in general.  These latest figures show a stable picture for new business volumes in the first quarter overall.”

Table 1: New second charge mortgage lending

Mar 2018 % change on prev. year 3 months to Mar2018 % change on prev. year 12 months to Mar2018 % change on prev. year
Value of new business (£m) 86 -10 244 0 1,023 +15
Number of new agreements (No.) 1,826 -13 5,213 +1 22,007 +11