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Second charge volumes rocket in July ‒ FLA

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  • 12/09/2019
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The number of new second charge mortgage deals taken out in July came to 2,656, new data from the Finance & Leasing Association (FLA) has revealed.

 

The figure represented an increase of 23 per cent on July 2018.

The value of that business has risen 17 per cent to £115m for July this year compared to the same month in 2018.

Over the three months to the end of July, second charge agreements were up by 20 per cent on the same point last year, with the value of business increasing 18 per cent.

On an annual basis, the number of agreements rose by 19 per cent and the value of business increased by 15 per cent.

Fiona Hoyle (pictured), head of consumer and mortgage finance at the FLA, said that July saw the highest monthly new business volumes for second charge deals since October 2008.

She said: The popularity of second charge finance is continuing to grow, with consumers increasingly using it to fund property extensions and other home improvements.”

The trade body’s data revealed that there was no change in the amount of retail and online credit taken out during July, at £679m. On an annual basis this was up by three per cent.

Credit cards and personal loans grew by three per cent in the month, but remained unchanged annually.

The value of car finance taken out increased six per cent in July and was up two per cent over the year.

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