Second charge mortgage new business grows in November

Michael Lloyd

January 11, 2018

The value of new business for second charge mortgage lending was £242m in the three months leading up to November, 8% more than the year before.

There were 5,388 new agreements in the three months to November, an increase of 6% on the previous year.

The market saw £80m of second charge business in November, an increase of 3% year-on-year.

Fiona Hoyle, head of consumer and mortgage finance at the Finance & Leasing Association (FLA), said: “The second charge mortgage market reported further modest growth in November, and in the first 11 months of 2017, new business volumes increased by 11% compared with the same period in 2016.

“Lenders remain focused on fully embedding the new regime, which sees first and second charge mortgages regulated on the same basis.”

The value of new business was £80m in November, up on 3% on the previous year and £996m in the 12 months leading up to November, a rise of 13% on the previous year.

There were 21,288 new agreements in the 12 months leading up to November, an increase of 9%.

 

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