Commenting on the September 2017 new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association (FLA), said:
“The fall in new business volumes in September comes amid subdued consumer confidence which has affected the housing market as a whole. 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.
“Lenders are continuing to embed the new regulatory regime which puts first and second charge mortgage regulation on the same footing.”
Table 1: New second charge mortgage lending
|Sep 2017||% change on prev. year||3 months to Sep 2017||% change on prev. year||12 months to Sep 2017||% change on prev. year|
|Value of new business (£m)||77||0||259||+16||979||+10|
|Number of new agreements (No.)||1,693||-2||5,594||+11||20,951||+4|