New second charge business up 43% in October: FLA
According to the latest figures from the Finance & Leasing Association, new second charge mortgage business volumes grew 43% in October compared to the same month in 2020.
This amounted to £109million of new business over 2,543 agreements, and represents a 55% increase in the value of new lending when compared to the previous year's figures.
Fiona Hoyle, director of consumer & mortgage finance and inclusion at the Finance & Leasing Association (FLA), said:
“A sustained period of growth by the second charge mortgage market has seen it return to more normal monthly levels of new business. We expect new business volumes to continue to grow despite heightened economic uncertainty over the coming months.”
