Second charge mortgage new business increased by 24% in February

New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage market new business volumes increased by 24% in February.

Commenting on the February 2019 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 February, the second charge mortgage market reported its strongest rate of new business volumes growth since May 2017.”

“The popularity of second charge mortgages continues to grow as people opt to improve, rather than move.”

Table 1: New second charge mortgage lending

	Feb 2019	% change on prev. year	3 months to Feb 2019	% change on prev. year	12 months to Feb 2019	% change on prev. year
Value of new business (£m)	98	+20	264	+13	1,095	+6
Number of new agreements (No.)	2,163	+24	5,900	+19	24,249	+9