Second charge business volumes grow 67% in September: FLA
Second charge mortgage new business volumes grew by 67% in September, according to the latest data from the Finance & Leasing Association.
"The second charge mortgage market reported its sixth consecutive month of growth in September, with new business returning to levels seen pre-pandemic."
The number of new agreements totalled 2,438 over the month, up 67% compared to September 2020, while Q3 lending was up 101% compared to the same three months a year earlier.
By value, new agreements totalled £102m, up 78% on the previous year and an increase of 112% on a quarterly basis.
Fiona Hoyle, director of consumer and mortgage finance at the Finance & Leasing Association, said: “The second charge mortgage market reported its sixth consecutive month of growth in September, with new business returning to levels seen pre-pandemic.
"We expect new business volumes to continue to grow during the remainder of 2021 as demand remains solid.”
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