Second charge market sees twelfth month of double-digit growth
Second charge mortgage lending rose 10% by value and 12% by volume in August compared to the same month in 2018, according to the latest figures from the Finance and Leasing Association.
"In the first eight months of 2019, new business volumes were 21% higher than in the same period in 2018."
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.”
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