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Second charge market grew 4% in September: FLA

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New business in the second charge mortgage market grew 4 per cent by value and fell 1 per cent by volume in September, compared to the same month last year, according to new figures from the Finance and Leasing Association.

The figures show that there was £77m worth of second charge mortgages completed in September 2016 and £223m in the third quarter, unchanged from the same quarter last year. There was a total of £892m worth of second charge mortgages completed in the 12 months to September, an increase of 15 per cent on the previous year.

Enterprise Finance sales director Harry Landy says: “It’s been a stormy year for the global economy and last month offered no respite. However, the second charge mortgage market has taken economic turbulence, including the post-Brexit uncertainty, in its stride and has continued its gradual rebound post-MCD.

“Indeed, the FLA data shows there is continued strength in the second charge market with new business volumes remaining akin to August’s increased level. We’re encouraged by the market’s sustained resilience and growing confidence in second charge lending as a mainstream part of the mortgage world.”

Overall, the FLA figures showed growed of 7 per cent in consumer finance new business in September.

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