Second charge mortgage market growth continues in June

Commenting on the June 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:

“In June, the second charge mortgage market reported its fourth consecutive month of growth, with new business up 33% by value and 22% by volume. The number of new second charge mortgages in the first half of 2017 was 10,401, 11% higher than in the same period in 2016.

“Second charge mortgages can be particularly useful when a customer wants to raise additional funds but does not want to change their existing first mortgage – especially where this involves additional costs. They are regularly used by customers to fund home improvements.”

Table 1: New second charge mortgage lending

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.