Second charge lending continues in February, according to the latest figures released by the Finance & Leasing Association (FLA).
Commenting on the February 2018 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 second charge mortgage market reported growth in February, with new business up 4% by value and 9% by volume, compared with the same period in 2017.
“February saw an increase in the number of customers taking out a secured loan, which are often used to fund home improvements or deposits on a second property.”
Table 1: New second charge mortgage lending
|Feb 2018||% change on prev. year||3 months to Feb 2018||% change on prev. year||12 months to Feb 2018||% change on prev. year|
|Value of new business (£m)||81||+4||233||+5||1,032||+17|
|Number of new agreements (No.)||1,742||+9||4,971||+7||22,270||+14|