The number of agreements in the second charge mortgage market increased by 12% in August from the previous year, according to new data from the Finance & Leasing Association (FLA).
There were 2,343 agreements made in August 2019 representing £102m in new business – figures that reflect rises of 12% and 10% respectively from the same month in 2018.
Over the twelve months prior to August 2019, there were a total of 26,695 new agreements in the second charge mortgage market worth £1.19bn in new business. This is a rise of 19% in agreements from the previous year, and a 17% increase to the value of new business over the same period.
The FLA’s acting director general and head of consumer and mortgage finance, Fiona Hoyle, commented: “The second charge mortgage market recorded its twelfth consecutive month of double-digit new business growth in August. In the first eight months of 2019, new business volumes were 21% higher than in the same period in 2018.”
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