Second charge lending continues 'modest growth' in November: FLA
Second charge mortgage new business increased 3% by value and 2% by volume on an annual basis in November, according to figures from the Finance & Leasing Association.
"In the first 11 months of 2017, new business volumes increased by 11% compared with the same period in 2016."
The "modest growth" follows a 20% rise in October, reversing a 2% fall in new business volumes in September following six consecutive months of growth.
Overall, consumer finance new business grew in November by 5%, compared with the same month in 2016.
Credit card and personal loan new business together grew by 3% compared with November 2016, while retail store and online credit new business increased by 13%.
Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association, said: “The second charge mortgage market reported further modest growth in November, and in the first 11 months of 2017, new business volumes increased by 11% compared with the same period in 2016.
“Lenders remain focused on fully embedding the new regime, which sees first and second charge mortgages regulated on the same basis.
“The growth in consumer finance new business overall in November is in line with the performance of this market over the past twelve months.”
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