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Do you expect to see less or more second charge mortgage lenders in 2018?

Second charge mortgage market growth continues in August

Finance & Leasing Association

New second charge mortgage business increased 25% by value and 11% by volume in August compared with the same period last year, according to the latest research.

Figures released by the Finance & Leasing Association (FLA) also showed that new second charge mortgage business in the three months to August 2017 increased 18% by volume and 27% by value, compared with the same period last year.

The monthly figures for August were higher than the 23% growth in value but lower than the 21% growth in volume recorded in July.

Fiona Hoyle, head of consumer and mortgage finance at the 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.”

Buster Tolfree, commercial director at United Trust Bank, added: “This latest set of figures from the FLA is great news for the second charge market and demonstrates how mortgage advisers are increasingly embracing second charges alongside further advances and remortgages.

“As second charges are considered more regularly when advisers are providing best advice, so awareness and understanding of the flexibility and other benefits of second charges will grow among consumers.

“The ultimate goal must be for the general public, and those who provide advice or commentary on mortgage products, to understand second charges just as well as they do first charge mortgages.

“There is still work to do in changing some common misconceptions of the product and the industry.

“The August lending figures show that the industry has generated new originations of £90m+ for three months on the bounce, the largest quarter of new second charge lending since 2008.

“The question now is when we will see the first £100m+ month?

“I don’t think we’ll have to wait too much longer.”

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