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.”