FLA: Second charge business volumes highest since 2008
The second charge mortgage market reported its highest monthly new business volumes in July since 2008.
The Finance and Leasing Association (FLA) showed new business volumes rose by 17% year-on-year to reach £115m.
Meanwhile there were 2,656 new agreements, a year-on-year increase of 23%.
Fiona Hoyle, head of consumer and mortgage finance at the FLA said: “The popularity of second charge finance is continuing to grow, with consumers increasingly using it to fund property extensions and other home improvements.”