Second charge mortgage sales increase 6% in August

The number of new agreements reached 22,356 in the 12 months to August 2018, with a value of £1bn.

In the three months to August 2018, there were 6,247 new agreements valued £282m, while in August alone the number was at 2,100, with a value of £92m.

Head of research and chief economist at the Finance and Leasing Association (FLA), Geraldine Kilkelly (pictured), said that the second charge mortgage market has reported new business growth in six out of eight months so far in 2018.

She added: “With the number of new agreements in this market up by 3% in the first eight months of 2018, we continue to expect single-digit growth in 2018 as a whole.”