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New second charge mortgage business hits £94m in June
The value of new second charge mortgage business increased by 33% in June – compared with the same period last year – to £94m, according to the Finance & Leasing Association (FLA).
The number of new second charge mortgage agreements experienced a growth of 22% in June – compared with the same period last year – to 1,970.
In total, the market recorded £940m in new business in the 12 months to June 2017.
Fiona Hoyle, head of consumer and mortgage finance at the FLA (pictured above ), said: “In June, the second charge mortgage market reported its fourth consecutive month of growth, with new business up 33% by value and 22% by volume.
“The number of new second charge mortgages in the first half of 2017 was 10,401, 11% higher than in the same period in 2016.
“Second charge mortgages can be particularly useful when a customer wants to raise additional funds, but does not want to change their existing first mortgage – especially where this involves additional costs.
“They are regularly used by customers to fund home improvements.”
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