Second charge mortgage market down 2% in September

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
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