Second charge lending up 15% in June

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.”