Second charge sees growth to start 2018

  • 21/03/2018
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Second charge sees growth to start 2018
The second charge sector saw a strong start to 2018 with an 8% increase in lending value and 13% uplift in transaction numbers.

According to data from the Finance and Leasing Association (FLA) £76m of new business was completed through 1,645 transactions.

The results continue the pattern of growth seen in the market last year, although it tailed off somewhat in the fourth quarter.

Finance and Leasing Association head of consumer and mortgage finance Fiona Hoyle said: “The second charge mortgage market reported growth in January, with new business up 8% by value and 13% by volume compared with the same period in 2017.”

She also acknowledged the regulator had targeted the sector to improve its lending practices with a workshop and a Dear CEO letter.

“The sector is continuing its work in ensuring that the new regulatory regime is fully implemented,” she added.

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