Second charge market brings in £145m in new business in September – FLA

According to the Finance and Leasing Association (FLA), the number of new agreements came to 3,138, which is an increase of 29 per cent on the same period last year.

In the three months to September the value of new business was £444m which is up 49 per cent on the previous year.

The number of new agreements in the three months to September was 9,444, a jump of 31 per cent since compared to the same period last year.

For the year to September the value of new business was £1.5bn, up 51 per cent on the same period last year.

The number of new agreements for the year to September was pegged at 33,141, a growth of 39 per cent on the same period a year ago.

Second charge market brings in ‘another strong performance’

Fiona Hoyle, FLA’s director of consumer and mortgage finance and inclusion, said that the second charge market has “returned another strong performance in September with further double-digit growth in new business by both value and volume”.

She continued: “The distribution by purpose of loan in September showed 57 per cent of new agreements were for the consolidation of existing loans, 15 per cent for home improvements, and a further 22 per cent for both loan consolidation and home improvements.

“As always, customers who are concerned about meeting payments should speak to their lender as soon as possible to find a solution.”