Second charge mortgage new business grew in October

New figures released by the Finance & Leasing Association (FLA) have shown that new business figures for the second charge mortgage market have continued to grow.

Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association (FLA), said “The second charge mortgage market reported growth in October, with new business up 20% by value and 19% by volume compared to the same period in 2016. The number of new second charge mortgages was 1,880.”

“A second mortgage continues to be a useful option for customers seeking to raise additional funds without wanting to change their existing mortgage, and are regularly used to fund home improvements.”

Table 1: New second charge mortgage lending

	Oct 2017	% change on prev. year	3 months to Oct 2017	% change on prev. year	12 months to Oct 2017	% change on prev. year
Value of new business (£m)	85	+20	254	+15	993	+13
Number of new agreements (No.)	1,880	+19	5,491	+10	21,247	+8