Second charge lending lifts 13% in November – 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.

“Lenders remain focused on fully embedding the new regime, which sees first and second charge mortgages regulated on the same basis.”