Second charge business up by a quarter in August
Second charge business in August 2017 rose in value by 25% compared to the same month last year, figures from the Finance & Leasing Association show.
There was £91m worth of business in August made up of 1,905 applications – an 11% increase from August last year.
Fiona Hoyle, head of consumer and mortgage finance at the Finance & Leasing Association, said: “The second charge mortgage market reported another strong month in August, with new business continuing to grow from a low base.
“A second charge mortgage provides a useful alternative where homeowners want to raise additional funds but do not want to change their existing first charge mortgage.”