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Second charge booms in June: FLA

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New second charge lending was £94m in June, up 8 per cent from £87m in May, according to figures from the Finance & Leasing Association.

June second charge lending was also up 33 per cent year on year.

New second charge business was £259m in Q2 2017, up 36 per cent year-on-year.

Meanwhile, there were 1,970 new second charge plans agreed in June 2017, up 22 per cent year-on-year.

There were 5,402 such plans agreed in Q2 2017, up 28 per cent on Q2 2016.

FLA head of consumer and mortgage finance Fiona Hoyle says: “In June, the second charge mortgage market reported its fourth consecutive month of growth, with new business up 33 per cent by value and 22 per cent by volume.

“The number of new second charge mortgages in the first half of 2017 was 10,401, 11 per cent higher than in the same period in 2016.”

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