Second charge mortgage new business growth in October

Commenting on the October 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 growth in October, with new business up 20% by value and 19% by volume compared to the same period in 2016. The number of new second charge mortgages was 1,880.

“A second mortgage continues to be a useful option for customers seeking to raise additional funds without wanting to change their existing mortgage, and are regularly used 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.