6 October 2017
Commenting on the August 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 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.”
Table 1: New second charge mortgage lending
|
Aug 2017 |
% change on prev. year |
3 months to Aug 2017 |
% change on prev. year |
12 months to Aug 2017 |
% change on prev. year |
|
|
Value of new business (£m) |
91 |
+25 |
274 |
+27 |
974 |
+10 |
|
Number of new agreements (No.) |
1,905 |
+11 |
5,852 |
+18 |
20,910 |
+4 |
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.