Finance & Leasing Association9 February 2018
Commenting on the 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:
“Second charge mortgage new business volumes have now returned to levels last seen in 2015, before regulation transferred to the FCA’s mortgage regime. The sector has shown resilience during a period of significant regulatory change, as it works to ensure that all the new regulatory requirements are in place.
“Consumers use second charge mortgages for a variety of purposes, particularly funding home improvements and property extensions.”
Table 1: New second charge mortgage lending
| Dec 2017 |
% change on prev. year |
3 months to Dec 2017 |
% change on prev. year |
12 months to Dec 2017 |
% change on prev. year |
|
| Value of new business (£m) |
76 |
+3 |
245 |
+9 |
1024 |
+14 |
| Number of new agreements (No.) |
1,584 |
-1 |
5,415 |
+7 |
21,947 |
+10 |
Note to editors:
- 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.
- In 2017, FLA members provided £128 billion of new finance to UK businesses and households. £96 billion of this was in the form of consumer credit, representing over a third of total new consumer credit written in the UK in 2017.
- For media enquiries, please contact the FLA press office on 020 7420 9656.
