Second charge mortgage new business increase by 15% in October

New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes up by 15% in October.

Commenting on the October 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:

“The second charge mortgage market has reported strong new business growth in 2019, with volumes likely to reach over 28,000 in the year as a whole. The market is expected to continue to grow in 2020 but at a slower pace than in 2019.”

Table 1: New second charge mortgage lending

	Oct 2019	% change on prev. year	3 months to Oct 2019	% change on prev. year	12 months to Oct 2019	% change on prev. year
Value of new business (£m)	118	+14	325	+14	1,221	+17
Number of new agreements (No.)	2,658	+15	7,356	+15	27,431	+20