Second charge market kicks off 2018 with 13% growth

Its data shows that the value of new business was also up by 8%.

The latest figures follow smaller growth of around 3% in November and December.

Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association, said: “The second charge mortgage market reported growth in January, with new business up 8% by value and 13% by volume compared with the same period in 2017.

“The sector is continuing its work in ensuring that the new regulatory regime is fully implemented.

“The performance of the consumer finance market in January reflects a resilient household sector. Despite the squeeze on real earnings from higher inflation, consumer confidence about the outlook for their own finances and spending has held up. The labour market remains robust, with record levels of employment and a pick-up in earnings growth.”