20% boost in second charge mortgage lending

Christina Hoghton
Written By:
Christina Hoghton

The number of second charge mortgages lent to borrowers hit a 10-year high

Second charge mortgage volumes rose by 20% in September, according to the Finance and Leasing Association (FLA).

It said that there were 2,355 second charge mortgages arranged in September, totalling £105m of lending.

Fiona Hoyle, interim director general of the FLA, said: “The second charge mortgage market reported another month of double-digit growth, with the latest annual new business volumes reaching more than 27,000, a decade-high.

“Second charge mortgages are proving to be a popular product with consumers. While the market has returned a strong performance so far in 2019, new business volumes remain well below pre-crisis levels.”