18% more second charge agreements year-on-year
There were 1,945 new second charge agreements in January, up 18% year-on-year, the Finance and Leasing Association (FLA) has found.
In the three months to January there were 6,015 new second charge agreements, up 18% from the previous year. In the 12 months to January there was 23,829 new agreements, up 8% year-on-year.
The value of new second charge business was £85m in January, 12% more than the year before and £264m of new business in the three months to January, up 13% year-on-year.
Fiona Hoyle, head of consumer and mortgage finance at the FLA, said: “The second charge mortgage market made an impressive start to 2019, with new business up 12% by value and 18% by volume in January, compared with the same month in 2018.
“This is a strong performance, and as most of the market is broker-introduced, it also suggests that knowledge of second charge mortgages among brokers is growing.”