Second charge mortgage lending rises 15% in October
Second charge mortgage business rose 14% by value and 15% by volume in October compared to the same month in 2018, according to the latest figures from the Finance and Leasing Association.
"The second charge mortgage market has reported strong new business growth in 2019, with volumes likely to reach over 28,000 in the year as a whole."
The data shows that there were 2,658 new business agreements in October, totalling £118m in value.
In the 12 months to October, the number of new agreements was recorded at 27,431 - 20% higher than in the preceding 12 months. By value, £1,221m worth of business was transacted over the 12 months - an annual rise of 17%.
Fiona Hoyle, head of consumer and mortgage finance at the FLA, said: “The second charge mortgage market has reported strong new business growth in 2019, with volumes likely to reach over 28,000 in the year as a whole.
"The market is expected to continue to grow in 2020 but at a slower pace than in 2019."
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