Seconds business drops by 2% in September

Ryan Bembridge

November 9, 2017

Second charge mortgage volumes fell by 2% in September compared to the same month before to stand at 1,693, figures from the Finance & Leasing Association show.

New second charge business from July to September 2017 stood at 5,594, which is still 11% higher than the corresponding period in 2016.

Fiona Hoyle, head of consumer and mortgage finance at the Finance & Leasing Association (FLA), said: “The fall in new business volumes in September comes amid subdued consumer confidence which has affected the housing market as a whole.

“It follows six consecutive months of growth in second charge mortgage new business volumes which grew by 11% in the first nine months of 2017 to 16,043.

“Lenders are continuing to embed the new regulatory regime which puts first and second charge mortgage regulation on the same footing.”

Enter your e-mail address to receive updates on this topic straight to your inbox

* indicates required
Send me news alerts on: