Seconds business drops by 2% in September

Ryan Bembridge

November 9, 2017

responsible lending rate cut

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.”

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