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New second charge business volumes fall in September


The number of new second charge mortgages agreed in September fell 2% compared with the same period last year, according to new figures.

The Finance & Leasing Association (FLA) has revealed that the value of new second charge mortgage business stood at £77m in September, down from the £91m reported in August.

Despite the 2% fall in September, the number of new agreements in Q3 2017 increased by 11% compared with the same period last year. 

Fiona Hoyle, head of consumer and mortgage at FLA, said: “The fall in new business volumes in September comes amid subdued consumer confidence, which has affected the housing market as a whole.” 

The value of new second charge business remained unchanged in September 2017 compared with the same period 12 months ago, but increased 16% in Q3 2017 compared with Q3 2016.

“It follows six consecutive months of growth in second charge mortgage new business volumes, which grew by 11% in the first nine months of 2017 to 16,043,” Fiona added.

“Lenders are continuing to embed the new regulatory regime, which puts first and second charge mortgage regulation on the same footing.”

Figures have also shown that the number of second charge mortgage repossessions in Q3 2017 was 25.8% lower than in Q3 2016.

Fiona said: “The fall in second charge mortgage repossessions in Q3 further demonstrates lenders’ commitment to helping customers in financial difficulty.”

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