Second charge market grows by 22% in June

Commenting on the June 2017 new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association (FLA), said:

“In June, the second charge mortgage market reported its fourth consecutive month of growth, with new business up 33% by value and 22% by volume. The number of new second charge mortgages in the first half of 2017 was 10,401, 11% higher than in the same period in 2016.

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“Second charge mortgages can be particularly useful when a customer wants to raise additional funds but does not want to change their existing first mortgage – especially where this involves additional costs. They are regularly used by customers to fund home improvements.”