Second Charge market on the up

The Finance & Leasing Association has today revealed figures showing that the Second Charge market has grown by 53% by value and 36% by volume compared with April 2016.

As pointed out by Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association (FLA), April 2016 was a relatively quite time for second charge mortgage providers due to lenders having to adjust to the Mortgage Credit Directive. This continues the trend as seen during March when £93m of second charge mortgages were taken out – up 22% on the previous month.

MiLoanbroker

Full FLA Figures for April

Apr 2017 % change on prev. year 3 months to Apr 2017 % change on prev. year 12 months to Apr 2017 % change on prev. year
Value of new business (£m) 79 +53 248 +13 899 +2
Number of new agreements (No.) 1,581 +36 5,151 +10 19,601 -5