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Second charge mortgage new business up 19%

Second charge mortgage new business volumes was up by 19% in 2019 according to new business figures from the Finance and Leasing Association (FLA).

Fiona Hoyle, head of consumer and mortgage finance at the FLA, said: “The second charge mortgage market reported double-digit growth in each month of 2019.

“New business volumes reached over 28,000 agreements in 2019, which was the highest annual total since 2008.

“Although still a relatively small sector, second charge mortgages are proving popular with consumers and we expect the market to continue to grow in 2020.”

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