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Second charge market reaches high in October: FLA

Data from the finance and leasing association shows that October saw the strongest rate of new business volumes growth in the second charge mortgage market in 2018.

In total, there were 2,319 new agreements in October, a 19 per cent increase on last year’s figure for the month, and in the 12 months to October, 22,932 deals – a 5 per cent change when measured on a yearly basis.

The FLA adds that there was a 5 per cent increased in the ten months to October, too.

In terms of value, £104m of new business was agreed to in October, a 19 per cent increase on the previous year, coming to a total value of just over £1bn for the 12 months ending – an improvement of 3 per cent annually.

FLA head of consumer and mortgage finance Fiona Hoyle comments: “With new business volumes up by 5 per cent in the ten months to October 2018, we continue to expect single-digit growth in 2018 overall.”

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The value of an investment and any income from it can fall as well as rise and you may not get back the amount originally invested. Forecasts and past performance are not a guide to future performance. Some information and statistical data herein has been obtained from sources we believe to be reliable but in no way are warranted by us as to their accuracy or completeness. These are Neptune’s views and as such this document is deemed to be impartial research. We do not undertake to advise you of any change to our views.

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