Second charge lending rises to £99m in November

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Second charge mortgage lending was 21% higher in November 2018 year-on-year, both in terms of value and volume.

There was £99m of new business, comprised of 2,282 new agreements.

Fiona Hoyle, head of consumer and mortgage finance at the Finance & Leasing Association, said: “The market has reported a relatively strong performance in recent months following a steady first half of 2018.

“The second charge mortgage market is likely to report solid single-digit new business volumes growth in 2018 overall.”

In the three months to November 2018 year-on-year there was a 17% uplift in both volume and value.

Meanwhile in the 12 months to November compared to the previous 12 months there was a 4% increase in value and a 6% rise in volume.

Yearly second charge lending to November 2018 reached £1.064bn.

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Written by: Houseladder