Second charge lending rises 9% in February

Money

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
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