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.
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 |