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Double-digit annual rise in second charge mortgage lending

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Borrowers are increasingly looking at these products as an alternative to remortgaging or personal loans
Double-digit annual rise in second charge mortgage lending

Second charge mortgage business grew by 3% in November 2017 compared to October.

£80m was lent out through 1,815 new deals, according to the Finance & Leasing Association (FLA).

The lending figure was up by 8% on a quarterly basis and 13% year on year.

Fiona Hoyle, head of consumer and mortgage finance at the trade body, said: “The second charge mortgage market reported further modest growth in November, and in the first 11 months of 2017, new business volumes increased by 11% compared with the same period in 2016.

“Lenders remain focused on fully embedding the new regime, which sees first and second charge mortgages regulated on the same basis.”

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