FLA reports rise in second-charge mortgage market

There was £116m worth of business in the second-charge mortgage market in November 2019, a 17% rise from the same month in the previous year, new business figures from the Finance & Leasing Association (FLA) revealed.

The figures also revealed the number of newly agreed second-charge mortgages hit 2,594 during the month of November, which reflected a 14% rise from November 2018.

The latest FLA data showed that in the 12 months to November 2019, the number of new agreements now stood at 27,747, representing £1,238m worth of business.

As well as second-charge mortgage lenders, FLA members in the consumer finance sector include banks, credit card providers, store card providers, motor finance providers, as well as personal loan and instalment credit providers.

In 2018, FLA members provided £136bn of new finance to UK businesses and households – with £103bn of this in the form of consumer credit – representing over a third of total new consumer credit written in the UK in 2018.

Commenting on the latest statistics release, head of consumer and mortgage finance at the FLA, Fiona Hoyle, said: “The second charge mortgage market reported a fifteenth consecutive month of double-digit new business volumes growth in November.

“The average value of second charge mortgages in November grew by 3% compared with the same month in 2018 to £44,530.”

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