Asset Finance


Consumer Finance


Motor Finance


Second charge mortgage market growth continues in August

6 October 2017

Commenting on the August 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 another strong month in August, with new business continuing to grow from a low base.

“A second charge mortgage provides a useful alternative where homeowners want to raise additional funds but do not want to change their existing first charge mortgage.”

Table 1: New second charge mortgage lending

 

Aug 2017

% change on prev. year

3 months to Aug 2017

% change on prev. year

12 months to Aug 2017

% change on prev. year

Value of new business (£m)

91

+25

274

+27

974

+10

Number of new agreements (No.)

1,905

+11

5,852

+18

20,910

+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.