Second charge market up 12% in January – FLA

Second charge market up 12% in January – FLA

The second charge mortgage market continued to rise in January, according to the latest figures released by the Finance and Leasing Association (FLA).

 

In the 12 months to January there were 23,829 new agreements, an increase of eight per cent on the previous year. They were valued £1.78bn which was five per cent higher than 12 months ago.

In January 2019, the new agreements stood at 1,945, valued £85m, rising by 18 and 12 per cent from January 2018, respectively.

In the three months to January, the number of new agreements rose by 18 per cent to 6,015 worth £264m, 13 per cent higher than the same quarter a year ago.

Fiona Hoyle, head of consumer and mortgage finance at the FLA (pictured), said that the second charge mortgage market made an impressive start to 2019.

She added: “This is a strong performance, and as most of the market is broker-introduced, it also suggests that knowledge of second charge mortgages among brokers is growing.”

SOURCE: mortgagesolutions

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