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New second charge mortgage business grows in May


Money

The value of new second charge mortgage business grew 26% in May compared with the same period last year, according to the Finance & Leasing Association (FLA).

FLA data also revealed that the number of new second charge mortgage agreements rose by 29% in May, compared with the same period last year.

Fiona Hoyle, head of consumer and mortgage finance at the FLA, said: “Second charge mortgage new business has ebbed and flowed over the past year, which was to be expected following the significant changes brought about by the market’s transfer into MCOB in March 2016. 

“While the market is still in the bedding-in process, in the first five months of 2017 new business was up 12% by value and 9% by volume, and May witnessed the third consecutive month of growth.

This announcement followed the FLA and the UK Cards Association’s launch of a guide to help finance providers support vulnerable customers throughout the credit application process.





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