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Second charge lending down 15%


Mortgage decline

The Finance & Leasing Association (FLA) has revealed a 15% decrease in the number of new second charge mortgages in October compared with the same time last year.

The FLA found that £71m worth of new second charge mortgages took place in October this year, a fall of 15% on 2015’s results.

For the three months to October 2016, the FLA found that new second charge mortgages had decreased by 3%, compared with the same period last year.

However, for the 12 months to October 2016 new second charge mortgages were 10% higher than the previous year with the figure standing at £879m.

“October was a quiet month for the second charge mortgage market as it continues to adapt to life under the Financial Conduct Authority’s mortgage regime,” said Geraldine Kilkelly, head of research and chief economist at the FLA.

“In the 10 months to October 2016, this market reported new business up 5% by value and down 6% by volume.”

The FLA reported that new consumer credit lending had grown by 6% compared with the same month last year with £7.2bn worth taking place in October.

“The FLA’s latest commissioned research of consumer lending forecasts by Oxford Economics suggests that new consumer credit in the UK will continue to grow in 2017 by around 1%,” Geraldine added.

“This compares to a growth forecast of almost 6% in 2016 as a whole.”





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