Second charge lending dips 6% in June: FLA
Second charge mortgage new business fell 6% by value and 3% by volume in June compared with the same month last year, according to figures from the Finance and Leasing Association.
"The number of second charge mortgage repossessions remained low in the second quarter, and market expectations are for this to continue in the second half of 2018."
Over the second quarter, new business fell 2% by value but increased 2% by volume. On an annual basis, figures rose by 6% and 5% respectively.
Its data also shows that the number of second charge mortgage repossessions in Q2 2018 was 38 - 2.6% lower than in the same quarter in 2017.
The annual rate of second charge mortgage repossessions in the twelve months to June 2018 was 0.09%.
Geraldine Kilkelly, head of research and chief economist at the Finance and Leasing Association, said: “The second charge mortgage market reported new business volumes up in the first half of 2018 by 2%, compared with the same period in 2017. This was in line with stable new business volumes reported by the wider mortgage market over the same period.
“The latest figures show that the number of second charge mortgage repossessions remained low in the second quarter, and market expectations are for this to continue in the second half of 2018."
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