Second charge lending volumes jump 12 per cent ‒ FLA

by:
  • 10/10/2019
  • 0
Second charge lending volumes jump 12 per cent ‒ FLA
The number of new second charge mortgage agreements in August came to 2,343, an increase of 12 per cent on the same month last year, according to data from the Finance and Leasing Association (FLA).

 

The growth continues the strong performance of the sector over the last 18 months.

The value of new business arranged in August rose by 10 per cent on an annual basis to £102m.

Over the three months to August the value of new business jumped 14 per cent compared to the same period of 2018, while the number of agreements rose 16 per cent.

And the increases were even more pronounced when looking at the 12 months to the end of August, up 17 per cent on the value of new business and 19 per cent on the number of new agreements.

Fiona Hoyle (pictured), acting director general and head of consumer and mortgage finance at the FLA, said: “The second charge mortgage market recorded its twelfth consecutive month of double-digit new business growth in August.

“In the first eight months of 2019, new business volumes were 21 per cent higher than in the same period in 2018.”

Elsewhere, the FLA reported that retail and online credit was flat in August at £637m, while there was also no movement on car finance at £2.5bn.

However, the value of new credit card and personal loan business dropped one per cent to £4.42bn.

 

There are 0 Comment(s)

You may also be interested in

Read previous post:
Holiday lets are a growing source of new business for brokers – Harpenden BS

Over the past few months we have noticed increased interest from investors looking to holiday lets to provide a source...

Close