Second charge market sees twelfth month of double-digit growth

The value of new business totalled £102m in August with the number of new agreements reaching 2,343.

In the three months to August, second charge lending saw annual growth of 14% by value and 16% by volume.

Over a twelve month period, lending increased 17% by value to £1.19bn over 26,695 agreements, a 19% rise.

Fiona Hoyle, acting director general and head of consumer and mortgage finance at the FLA, commented: “The second charge mortgage market recorded its twelfth consecutive month of double-digit new business growth in August. In the first eight months of 2019, new business volumes were 21% higher than in the same period in 2018.”