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Second charge business surges in July


FLA

Second charge new business lending in July increased 23% by value and 21% by volume, compared with the same period in 2016, according to the Finance & Leasing Association (FLA).

This represents a lower growth rate than was seen in June, when new second charge mortgage business increased 33% by value and 22% by volume, compared with the same period last year.

The total number of new second charge mortgages in the first seven months of the year grew by 13% to 12,378.

Fiona Hoyle, head of consumer and mortgage finance at the FLA, said: “It is important to remember that this growth is from a relatively low base. 

“Nonetheless, the latest figures show that more customers are taking out a second charge mortgage – for example, to fund renovations or help family members with a deposit for their first home.”

Last month, the FLA reported that the number of second charge mortgage repossessions in Q2 2017 was 36, 10% lower than Q2 2016.





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