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Second charge market continues to expand: FLA

The second charge mortgage market grew significantly for the eighth month in a row this April, according to the Finance & Leasing Association.

Overall, there were 2,206 new agreements made, a 234 per cent change on the previous year.

This means that there have been 25,243 new agreements in the 12 months to April, itself a 14 per cent change on 2018’s figures.

Meanwhile, the value of new business in April came to £102m, which translates to a 23 per cent change, and brings the total value of new business in the 12 months to April up by 11 per cent, to £1.14bn.

FLA head of consumer and mortgage finance Fiona Hoyle comments: “This is a great performance for what is an increasingly popular product.”

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