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FLA: Second charge business up 67%

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Second charge mortgage new business volumes grew by 67% in September 2021, according to the Finance & Leasing Association (FLA).

As a result, the number of new agreements in September was 2,438, and the value of this new business was £102m.

In the three months to September 2021, the number of new agreements rose by 101% to 7,185 and the value of new business increased by 112% to £298m.

Annually, the total number of new agreements fell by 16% to 23,866 and the value of new business dropped by 12% to £1bn.

Fiona Hoyle, director of consumer and mortgage finance and inclusion at the Finance & Leasing Association (FLA), said: “The second charge mortgage market reported its sixth consecutive month of growth in September, with new business returning to levels seen pre-pandemic.

“We expect new business volumes to continue to grow during the remainder of 2021 as demand remains solid.”

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