Number of second charge loans up 5% in July
The volume of new business in the second charge market grew 5% in July, according to the latest figures from the Finance and Leasing Association.
"The number of new agreements rose 5% on July last year,"
July saw new business to the value of £98 million, up 6% on July 2017 - although the three months to July, with £277m of new business, sits 1% lower than the same three months last year.
The number of new agreements rose 5% on July last year, reaching 2,162, and was 2% higher over three months than last year's figures.
Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association, said:
“The second charge mortgage market made a positive start to the third quarter, with new business in July up 6% by value and 5% by volume. The number of new agreements in this market grew by 2% in the first seven months of 2018, in line with expectations of modest single-digit growth in 2018 overall.”
Breaking news
Direct to your inbox:
More
stories
you'll love:
This week's biggest stories:
FCA
Firms required to report complaints involving vulnerable customers under simplified FCA rules
FCA
FCA sets out timeline for mortgage rule changes
Santander
Santander joins mortgage price war with new rates from 3.51%
Inflation
Bank of England set to cut rates as inflation falls to eight-month low
This week's biggest stories:
FCA
Firms required to report complaints involving vulnerable customers under simplified FCA rules
FCA
FCA sets out timeline for mortgage rule changes
Santander
Santander joins mortgage price war with new rates from 3.51%
Inflation
Bank of England set to cut rates as inflation falls to eight-month low
Nationwide
FCA fines Nationwide £44m for inadequate financial crime controls
FCA
FCA announces new measures to support growth of mutuals sector