Second charge volumes rise 23% to 11-year high
Second charge mortgage volumes rose by 23% to 2,656 agreements - the highest monthly volume seen since October 2018, according to the latest data from the Finance and Leasing Association.
"In July, the second charge mortgage market reported its highest monthly new business volumes since October 2008."
The value of new business rose by 17% to £115m compared to the previous year.
In the three months to July, second charge lending rose 18% by value and 20% by volume compared to the same three months in 2018.
In the year to July, the value of new business increased by 15% to £1.18bn and the number of new agreements rose 19% to 26,452 compared to the previous 12 months.
Fiona Hoyle, head of consumer and mortgage finance at the FLA, said: “In July, the second charge mortgage market reported its highest monthly new business volumes since October 2008.
“The popularity of second charge finance is continuing to grow, with consumers increasingly using it to fund property extensions and other home improvements.”
Breaking news
Direct to your inbox:
More
stories
you'll love:
This week's biggest stories:
This week's biggest stories:
Iress
Iress announces major upgrade to Xplan Mortgage platform
Mortgage Rates
Barclays relaunches sub-4% mortgage rate
Lloyds
Lloyds partners with Connells and LMS to launch fully digital homebuying journey
FCA
FCA sued over compensation scheme that 'significantly underestimates harm'
Mortgages
Mortgage affordability at tightest level since 2008: UK Finance
FCA
FCA announces changes to streamline senior managers regime
