View more on these topics

Second-charge approvals on a high

Second-charge mortgage approvals hit a four-year high in October, according to figures published last week by the Finance & Leasing Association.

A total of 1,391 new approvals were secured in the second charge mortgage market in October 2013, a 25 per cent increase from the same month last year.

The value of new business in the second charge market in October reached £44m, a jump of 42 per cent from October 2012.

The average total advanced to second charge borrowers also increased to £31,632 – an annual rise of 14 per cent from last year when the average advance stood just below £28,000.

The FLA has also stated that the sustained demand for credit requires a sensible approach to regulation from the FCA.

FLA head of consumer finance Fiona Hoyle says: “The figures show a continued demand for responsibly-provided credit and maintaining the supply of credit has got to be a priority for the FCA as it finalises its new regulatory regime.”

Recommended

House-Home-Property-Ladder-Mortgage-700x450.jpg

Prices rise 4.6% year-on-year in November

House prices rose 4.6 per cent in the 12 months to November, according to the latest house price index from LSL/Acadata. The cost of the average home in England and Wales stood at £238,839 in November, up 0.6 per cent from October, when the average price stood at £237,445. Prices have risen annually by an […]

Caption-Comp-MS-11Dec.png

Caption Competition

Can you put the boot in to your nearest and dearest to win a delicious box of Hotel Chocolat milk chocolates? Submit a witty caption for the photo above and you will be automatically entered into our prize draw. Remember, the funnier it is, the more likely you are to win. What are you waiting […]

Newsletter

News and expert analysis straight to your inbox

Sign up