Second charge lending up 15% in June
The second charge mortgage market saw a 15% rise in both the value and volume of new business in June, according to the latest statistics from the Finance and Leasing Association.
"Consumers are finding second charge mortgages to be a useful product that supports the current trend of improving rather than moving."
The figures show that the value of new lending totalled £105m over the month over 2,273 new agreements.
In the second quarter of 2019, the number of new agreements totalled 6,849, 20% higher than in 2018, while the value of new business rose 19% to £311m.
In the 12 months to June 2019, the value of new business rose 14% and the number of new agreements is up 17%.
Fiona Hoyle, head of consumer and mortgage finance at FLA, said: “The second charge mortgage market reported new business volumes of more than 13,300 agreements in the first six months of 2019, the strongest first half-year performance in more than a decade.
“Consumers are finding second charge mortgages to be a useful product that supports the current trend of improving rather than moving.”
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