Large jump in second charge mortgage activity ‒ FLA

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  • 09/09/2021
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Large jump in second charge mortgage activity ‒ FLA
The second charge mortgage market experienced significant growth in July, with the number of new agreements and value of new business rising substantially.

According to the latest figures from the Finance & Leasing Association (FLA), there were 2,433 new second-charge deals agreed in July, an increase of 149 per cent on July last year.

This continues a trend, as in the three months leading up to July there were 6,396 agreements, an increase of 198 per cent on the same period in 2020.

The value of the new second-charge loans agreed in July was up by 153 per cent on the previous year at £101m, though again the trend is more pronounced on a quarterly basis. The new business agreed in the three months to July totals £279m, a jump of 217 per cent on the same quarter last year.

Fiona Hoyle, director of consumer and mortgage finance and inclusion at the FLA, noted that the market is seeing a “strong recovery” from the troubles of the pandemic, with the new business figure now at its highest level since February 2020.

She continued: “We expect to see further growth this year as the market returns to pre-pandemic levels of new business.” 

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