Asset Finance


Consumer Finance


Motor Finance


Second charge mortgage new business grows in July

8 September 2017

Commenting on the July 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 second charge mortgage market reported its fifth consecutive month of growth in July, with new business up 23% by value and 21% by volume. In the first seven months of 2017, the number of new second charge mortgages grew by 13% to reach 12,378.

“It is important to remember that this growth is from a relatively low base.  Nonetheless, the latest figures show that more customers are taking out a second charge mortgage – for example to fund renovations or help family members with a deposit for their first home.”

Table 1: New second charge mortgage lending

 

July 2017

% change on prev. year

3 months to July 2017

% change on prev. year

12 months to July 2017

% change on prev. year

Value of new business (£m)

90

+23

270

+27

956

+8

Number of new agreements (No.)

1,977

+21

5,798

+24

20,714

+4

Note to editors:

  1. FLA members in the consumer finance sector include banks, credit card providers, store card providers, second-charge mortgage lenders, motor finance providers, personal loan and instalment credit providers.
  2. In 2016, FLA members provided £118 billion of new finance to UK businesses and households. £88 billion of this was in the form of consumer credit, representing over a third of total new consumer credit written in the UK in 2016.
  3. For media enquiries, please contact the FLA press office on 020 7420 9656.