Second charge mortgage new business grows in July

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

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.