Loan Introducer
  • Home
  • News
  • Latest Issue
  • Mortgage Rates
  • House Price Centre
  • Blog
  • Commercial
  • Residential
  • Secured
  • Short Term
  • Unsecured
Facebook LinkedIn Twitter

Time: 0:0

Robyn Hall

Second charge mortgage business grows in October

13 December, 2017

By: Robyn Hall

category: Second Charge, Secured

0

The value of new second charge business in the 12 months leading up to October rose by 13% from that the previous year, Finance & Leasing Association (FLA) stats show.

This October the value of new business was £85m, a rise of 20% from that of the previous year.

In the 12 months leading up to October, the number of new deals agreed rose by 8% to 21,247 and the number of new deals increased by 19% from October 2016 to October 2017 to reach 1,880.

Fiona Hoyle, head of consumer and mortgage finance at the Finance & Leasing Association, said: “A second mortgage continues to be a useful option for customers seeking to raise additional funds without wanting to change their existing mortgage, and is regularly used to fund home improvements.”

Harry Landy, managing director at Enterprise Finance said that the rise was great for the sector and is cautiously optimistic it will continue.

He said: “Consumer confidence has recovered from last month’s blip, and the second charge market is continuing its upward trajectory that saw six months of consecutive month-on-month growth from March to August.

“Whether it is to fund renovations, help a family member with a deposit, or consolidate household debts, we’ve seen more borrowers taking out second charge mortgages – many at a higher value – and this has led to a strong year for the sector.

“We are cautiously optimistic that this increase will continue into next year, but it is important that brokers are aware of the range of specialist financing options around, and can therefore provide tailored advice to borrowers.”


Tags: Fiona Hyde, FLA

Recent News

Evolution Money launches second-charge tracker

08 April, 2021

Loans Warehouse: Business as usual for second charge market

12 January, 2021

Loans Warehouse appoints former OneSavings Bank director

12 January, 2021

Shawbrook increases maximum loan size across second charge offering

12 January, 2021

Comments are closed.

Polls

Will the next six months see an increase in second charge business?

View Results

Loading ... Loading ...
BACK TO TOP

Blog

Blog: Regulation, regulation, regulation

28 January, 2016

  • 0

BLOG: The need to shop around

27 October, 2015

  • 0

Experience is everything

28 March, 2013

  • 0

Tags

  • ‘The LM Experience’
  • £50m
  • 1st HomeLoans
  • 1st Stop Group
  • 247Moneybox
  • 360 Lifecycle
  • 75% LTV
  • 85% LTV
  • Aaron Noone
  • ABC
  • Abhai Rajguru
  • Access 4 Finance
  • Access4Finance
  • Accord
  • acquisition
  • Adam Tyler
  • Adelle Rhule-Martin
  • Adrian Moloney
  • Advertising Standards Agency
  • Advertising Standards Agnecy
  • Home
  • News
  • Latest Issue
  • Mortgage Rates
  • House Price Centre
  • Blog
Facebook LinkedIn Twitter

© CEDAC Media Limited | Terms & Conditions

Advice to readers

While this website is checked for accuracy, we are not liable for any incorrect information included. We recommend that you make enquiries based on your own circumstances and, if necessary, take professional advice before entering into transactions.


© Mortgage Introducer Limited: Our Privacy and Cookies Policy

TPG

www.mortgageintroducer.com
www.investmentinternational.com
www.homebuying.co.uk
www.propertywire.com
www.everyinvestor.co.uk

Close

Enter the site

Login

Password

Remember me

Forgot password?

Login