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.”
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