The value of new second charge mortgage lending business fell by 6 per cent in June, when compared to the same month in 2017 according to the Finance and Leasing Association.
The number of second charge deals also fell in the period, with 1,985 completed, down 3 per cent in June compared to the same month last year.
In the three months to June a total value of £262m new second charge business was completed, down two per cent in the same period in 2017, though the number of new agreements rose in that timeframe, up 2 per cent.
For the 12 month period to June 2018, there was a 6 per cent rise in the value of new business, at a total of £1,019m. The number of deals completed was also up for that period, by 5 per cent.
FLA head of research and chief economist Geraldine Kilkelly says: “The second charge mortgage market reported new business volumes up in the first half of 2018 by 2 per cent, compared with the same period in 2017. This was in line with stable new business volumes reported by the wider mortgage market over the same period.”