Second charge lending jumps 11% in September: FLA
New figures released today by the Finance and Leasing Association show the value and volume of second charge mortgage new business both grew by 11% in September.
"In September, the second charge mortgage market reported its strongest rate of new business volumes growth since January"
Lending had remained muted over the summer with business falling 3% by volume and 6% by value in June, and increasing 6% by volume but dipping 2% by value in August.
FLA figures also show that the number of second charge mortgage repossessions in Q3 2018 was 36, 5.9% higher than in the same quarter in 2017.
The annual rate of second charge mortgage repossessions as a percentage of average outstanding agreements at the end of Q3 2018 was 0.09%.
Fiona Hoyle, head of consumer and mortgage finance at the Finance and Leasing Association, said: "In September, the second charge mortgage market reported its strongest rate of new business volumes growth since January. New business volumes have grown by 4% so far in 2018, in line with expectations of single-digit growth in 2018 overall.
“The latest figures show that the number of second charge mortgage repossessions remained low in the third quarter, and market expectations are for this to continue in the final quarter of 2018."
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