The number of new agreements for second charge mortgages rose by nearly a quarter in July, according to the latest figures from the Finance & Leasing Association (FLA).
There were 2,656 new agreements worth £115m made in July 2019 – figures that were up by 23% and 17% respectively on the same month in 2018. That performance marked the strongest monthly growth in the UK market for nearly 11 years.
Over the course of the past 12 months, 26,452 second charge mortgages were agreed, with a value of £1,182m. These results were an increase of 19% and 15% compared to the previous year.
The FLA’s head of consumer and mortgage finance, Fiona Hoyle, said: “In July, the second charge mortgage market reported its highest monthly new business volumes since October 2008.
“The popularity of second charge finance is continuing to grow, with consumers increasingly using it to fund property extensions and other home improvements.”
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