Second charge new business increases by 18%

Second charge mortgage business saw a year-on-year increase of 18% in the three months to August 2017, according to the latest figures from the Finance and Leasing Association (FLA).

Buster Tolfree, commercial director – mortgages at United Trust Bank, said the figures were excellent news for seconds.

He said: “This latest set of figures from the FLA is great news for the second charge market and demonstrates how mortgage advisers are increasingly embracing second charges alongside further advances and remortgages.

“As second charges are considered more regularly when advisers are providing best advice, so awareness and understanding of the flexibility and other benefits of second charges will grow amongst consumers.

“The August lending figures show that the industry has generated new originations of £90m plus for three months on the bounce, the largest quarter of new second charge lending since 2008.

“The question now is when we will see the first £100m plus month? I don’t think we’ll have to wait too much longer.”

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