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New second charge business grows in month to July: FLA

The Financing and Leasing Association reports that the value of new second charge mortgage lending business grew by 6 per cent in July as compared to the same month in 2017.

This represents £98m worth of agreements, giving a total value of just over £1bn for the 12 months leading up to July – 4 per cent more than in the previous year.

In the three months to July, £277m worth of deals were completed, a fall of 1 per cent on the previous year.

In terms of the number of new agreements, the total of 2,162 completed in July represents 5 per cent growth on a yearly basis. The total for the 12 months leading to July stands at 22,245 and, matching the annual growth in value mentioned earlier, is 4 per cent more than the previous year.

In the three months to July, 6,090 new agreements were completed, up 2 per cent on the year.

FLA head of consumer and mortgage finance Fiona Hoyle says: “The second charge mortgage market made a positive start to the third quarter, with new business in July up 6 per cent by value and 5 per cent by volume.  The number of new agreements in this market grew by 2 per cent in the first seven months of 2018, in line with expectations of modest single-digit growth in 2018 overall.”

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