13 December 2017
Commenting on the October 2017 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 reported growth in October, with new business up 20% by value and 19% by volume compared to the same period in 2016. The number of new second charge mortgages was 1,880.
“A second mortgage continues to be a useful option for customers seeking to raise additional funds without wanting to change their existing mortgage, and are regularly used to fund home improvements.”
Table 1: New second charge mortgage lending
|
Oct 2017 |
% change on prev. year |
3 months to Oct 2017 |
% change on prev. year |
12 months to Oct 2017 |
% change on prev. year |
|
|
Value of new business (£m) |
85 |
+20 |
254 |
+15 |
993 |
+13 |
|
Number of new agreements (No.) |
1,880 |
+19 |
5,491 |
+10 |
21,247 |
+8 |
Note to editors:
- FLA members in the consumer finance sector include banks, credit card providers, store card providers, second-charge mortgage lenders, motor finance providers, personal loan and instalment credit providers.
- In 2016, FLA members provided £118 billion of new finance to UK businesses and households. £88 billion of this was in the form of consumer credit, representing over a third of total new consumer credit written in the UK in 2016.
- For media enquiries, please contact the FLA press office on 020 7420 9656.