Second charge lending up 19% in October: FLA

This is the strongest rate of new business volumes growth so far in 2018.

On a quarterly basis, the value of new business is up by 9% and volumes are 12% higher than in 2017.

Fiona Hoyle, head of consumer and mortgage finance at the Finance and Leasing Association, said: “In October, the second charge mortgage market recorded its strongest rate of new business volumes growth so far in 2018. With new business volumes up by 5% in the ten months to October 2018, we continue to expect single-digit growth in 2018 overall.”

Geraldine Kilkelly, head of research and chief economist at the FLA, added: “The performance of the consumer finance market in October reflected further growth in the value of retail sales, and relatively stable consumer confidence up to that point which has been supported by a robust labour market and low-interest rate environment.

“The latest figures suggest solid single-digit new business growth in 2018 as a whole.”