Second charge mortgage new business volumes grew by 19% in 2019, according to latest figures published by the Finance & Leasing Association (FLA).

New business volumes reached over 28,000 agreements, which was the highest annual total since 2008. Double-digit growth was recorded in each month of 2019.

“Although still a relatively small sector, second charge mortgages are proving popular with consumers and we expect the market to continue to grow in 2020,” FLA head of consumer and mortgage finance Fiona Hoyle said.

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