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Second charge market busiest in a decade: FLA

The second charge mortgage market recently enjoyed the highest level of monthly new business volumes since October 2008, according to the Finance & Leasing Association.

Specifically, there were 2,392 new agreements arrived at in March 2019 at a value of £108m, respective yearly changes of 31 per cent and 25 per cent.

This compares to the 2,163 new agreements made in February, which totalled £98m in value.

In the 12 months to March, the FLA reports that there were 24,812 new agreements at a total value of £1.1bn, which amounts to a yearly change of 13 per cent and 9 per cent.

FLA head of consumer and mortgage finance Fiona Hoyle summarises that second charge market, “is a competitive and innovative market for consumers, with a growing number of broker partners.”

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