Second charge mortgages grow by 5%

Latest figures released by the Finance Leasing Association (FLA) indicate that second charge mortgage lending grew by 5% in October.

Commenting on the October 2018 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 October, the second charge mortgage market recorded its strongest rate of new business volumes growth so far in 2018.  With new business volumes up by 5% in the ten months to October 2018, we continue to expect single-digit growth in 2018 overall.”

Table 1: New second charge mortgage lending

Oct 2018	% change on prev. year	3 months to Oct 2018	% change on prev. year	12 months to Oct 2018	% change on prev. year
Value of new business (£m)	104	+19	285	+9	1,048	+3
Number of new agreements (No.)	2,319	+19	6,377	+12	22,932	+5