Second charge growth breaks 20% in November: FLA

The latest numbers from the finance and leasing association reveal that second charge mortgage business volumes grew in November 2018 when measured on an annual basis.

There were 2,282 new agreements in the month, up by 21 per cent compared to November 2017.

This brought the total number of agreements in the 12 months in November to 23,325, 6 per cent growth overall.

However, October 2018 saw 2,319 new agreements, translating to a monthly drop of 1.6 per cent.

The value of new business in November 2018 came to £99m, a fall of 4.8 per cent compared to the previous month’s £104m of new business, but when looked at on a yearly basis, an increase of 21 per cent.

In the year to November 2018, £1.06bn of second charge business was completed, a yearly increase of 4 per cent.

FLA head of consumer Fiona Hoyle comments: “The market has reported a relatively strong performance in recent months following a steady first half of 2018.  The second charge mortgage market is likely to report solid single-digit new business volumes growth in 2018 overall.”

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