Second Charge Lending
Second charge lending lifts 13% in November – FLA
Second charge mortgage lending edged up in November, according to the latest figures from the Finance and Leasing Association (FLA).
The value of new second charge lending was at £80m in November – up 3% from the same month in 2016.
In the 12 months to November lending fell just short of £1bn – a jump of 13% from the same time period a year previously.
It follows a reported rebound of second charge activity in October.
Fiona Hoyle, head of consumer and mortgage finance at the FLA, said: “The second charge mortgage market reported further modest growth in November, and in the first 11 months of 2017, new business volumes increased by 11% compared with the same period in 2016.
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“Lenders remain focused on fully embedding the new regime, which sees first and second charge mortgages regulated on the same basis.”