The second charge mortgage market grew by 17 per cent to £1.21bn during the 12 months to end of September 2019, compared to the year ending September 2018.
Data from the Finance & Leasing Association (FLA) showed that the yearly increase by volume of new second charge mortgage agreements was 20 per cent to 27,092.
Quarterly, the value of new agreements rose 15 per cent to £321m during the three months to end of September, as against the same quarter in 2018. Quarterly growth in number of agreements was 18 per cent to 7,354.
On a monthly basis, value was up 18 per cent to £105m in September 2019 compared to the same month 2018. Number of new agreements rose by 20 per cent to 2,355.
Fiona Hoyle (pictured), interim director general of the FLA, said: “The second charge mortgage market reported another month of double-digit growth, with the latest annual new business volumes reaching more than 27,000, a decade high.
“Second charge mortgages are proving to be a popular product with consumers. While the market has returned a strong performance so far in 2019, new business volumes remain well below pre-crisis levels.”
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS