Second charge market volumes up 31%

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The number of new second charge agreements rose by 31% year-on-year to reach 2,392 in March, the Finance & Leasing Association (FLA) has found.

In March there was £108m worth of new second charge business, up 25% year-on-year.

In the three months to March the value of new second charge business was £292m, an increase of 19% from the previous year.

Fiona Hoyle, head of consumer and mortgage finance at the Finance & Leasing Association (FLA), said: “In March, the second charge mortgage market reported its highest level of monthly new business volumes since October 2008.

“It is a competitive and innovative market for consumers, with a growing number of broker partners.”

In the three months to March there were 6,500 new second charge agreements, up 25% year-on-year.

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Written by: Houseladder