Second charge lending sees further 25% rise in August: FLA
Second charge mortgage new business increased 25% by value and 11% by volume in August compared with the same month last year, according to figures from the Finance & Leasing Association.
"The second charge mortgage market reported another strong month in August, with new business continuing to grow from a low base."
This is the sixth consecutive month of growth following six months of decline starting in August 2016.
Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association, said: “The second charge mortgage market reported another strong month in August, with new business continuing to grow from a low base.
“A second charge mortgage provides a useful alternative where homeowners want to raise additional funds but do not want to change their existing first charge mortgage.”
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