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New second charge mortgage business up 3%
The Finance & Leasing Association (FLA) has reported an increase of 3% in the value of new second charge mortgage business in November, compared with the same period in 2016.
In November, £80m of new second charge business was written, while the number of new agreements reached 1,815, a 2% increase on November 2016.
The value of new business is now £242m for the three months to November 2017 (up 8% on the same period in 2016) and £996m for the 12 months to November 2017 (up 13%).
Fiona Hoyle, head of consumer and mortgage finance at the FLA, said: “The second charge mortgage market reported further modest growth in November, and in the first 11 months of 2017, new business volumes increased by 11% compared with the same period in 2016.
“Lenders remain focused on fully embedding the new regime, which sees first and second charge mortgages regulated on the same basis.”
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