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New second charge mortgage lending up 53%




The Finance & Leasing Association (FLA) has reported a 53% increase in the value of new second charge mortgage business during April, compared with the same period last year.

Some £79m of new second charge mortgage business was written during April, while the number of new agreements reached 1,581, a 36% increase on April 2016. 

The value of new business is now at £248m for the three months to April 2017, while it has reached £899m for the 12 months to April 2017.

“This is a strong performance compared with the same month last year, but it’s important to remember that some of the growth in new business in April will be attributable to the fact that second charge mortgage providers had a relatively quiet month in April 2016,” said Fiona Hoyle, head of consumer and mortgage finance at the FLA.

“They had just been transferred into the Financial Conduct Authority’s MCOB [Mortgage Conduct of Business] regime and were still bedding in their systems.

“Second charge mortgages are a useful way for consumers to fund home improvements or provide the deposit for a son or daughter’s first home.”





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