The value of new business in the second charge mortgage market in May 2018 was equal to £88m, representing a slight decline of 1% on the previous year, according the latest figures from the Finance & Leasing Association (FLA).

However, despite the value dropping marginally, the number of new agreements that were written in May stood at 1,943 which is 2% higher than the figure reported in May 2017.

Furthermore, in the 12 months leading up to May 2018, both the value of new business and the number of new agreements increased by 9% and 8% respectively compared to the previous 12 months, with the value over the period at £1.025m and 22,200 deals written.

Commenting on the figures, FLA head of consumer and mortgage finance Fiona Hoyle said: “The May figures are consistent with the stable performance reported by the market in 2018 so far and are also in line with the performance of the wider mortgage market which reported new business steady in the first five months of 2018.”

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