Second charge mortgage market down 2% in September

Commenting on the September 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 fall in new business volumes in September comes amid subdued consumer confidence which has affected the housing market as a whole. It follows six consecutive months of growth in second charge mortgage new business volumes which grew by 11% in the first nine months of 2017 to 16,043.”

“Lenders are continuing to embed the new regulatory regime which puts first and second charge mortgage regulation on the same footing.”

Table 1: New second charge mortgage lending

	Sep 2017	% change on prev. year	3 months to Sep2017	% change on prev. year	12 months to Sep2017	% change on prev. year
Value of new business (£m)	77	0	259	+16	979	+10
Number of new agreements (No.)	1,693	-2	5,594	+11	20,951	+4