Second charge mortgage market growth continues in April

There were 1,581 new second charge mortgages completed during April, a rise of 36% on last year. Fiona Hoyle, head of consumer and mortgage finance at

There were 1,581 new second charge mortgages completed during April, a rise of 36% on last year.

Fiona Hoyle, head of consumer and mortgage finance at the FLA, said: “This is a strong performance compared with the same month last year, but it’s important to remember that some of the growth in new business in April will be attributable to the fact that second charge mortgage providers had a relatively quiet month in April 2016.

“They had just been transferred into the Financial Conduct Authority’s MCOB regime and were still bedding in their systems.”

On a quarterly basis second charge lending stood at £248 million, a 13% increase on the same quarter last year with 5,151 new agreements – 10% up on last year.

In the 12 months to April 2016, the value of new business was £899, a 2% increase of the previous year and 19,601loans were made, which was 5% down on the previous year.

Go to Source

COMMENTS