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 |