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Second charge lending dips 6%
New business in the second charge mortgage market fell by 6% in value to £869m for the last 12 months to January 2017, according to the latest data.
Figures released today by the Finance & Leasing Association (FLA) also showed that there was an 11% fall in volume in second charge mortgage new business.
Consumer finance experienced growth with new business increasing by 9% for the 12 months to January 2017 and up 10% period-on-period when compared with January 2016.
Members of the industry have observed muted growth in the market with Shawbrook reporting that their residential second charge originations were “broadly flat”.
Geraldine Kilkelly, head of research and chief economist at the FLA, said: “There was new business growth across most of the main consumer finance products in January, suggesting that consumer confidence remained relatively robust at the start of 2017.
“The latest research from Oxford Economics on behalf of the FLA shows that total new consumer credit in the UK is expected to grow by 1.4% in 2017 as a whole, a more modest rate than in recent years.”
It was announced in January that second charge mortgage repossessions are expected to fall during 2017, despite climbing by 18% during the last quarter of 2016.
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