FLA Finance & Leasing Association : Second charge mortgage new business grows in November

11 January 2018

Commenting on the November 2017 new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association (FLA), said:

'The second charge mortgage market reported further modest growth in November, and in the first 11 months of 2017, new business volumes increased by 11% compared with the same period in 2016.

'Lenders remain focused on fully embedding the new regime, which sees first and second charge mortgages regulated on the same basis.'

Table 1: New second charge mortgage lending

	Nov 2017	% change on prev. year	3 months to Nov 2017	% change on prev. year	12 months to Nov 2017	% change on prev. year
Value of new business (£m)	80	+3	242	+8	996	+13
Number of new agreements (No.)	1,815	+2	5,388	+6	21,288	+9

Note to editors:

1. FLA members in the consumer finance sector include banks, credit card providers, store card providers, second-charge mortgage lenders, motor finance providers, personal loan and instalment credit providers.
2. In 2016, FLA members provided £118 billion of new finance to UK businesses and households. £88 billion of this was in the form of consumer credit, representing over a third of total new consumer credit written in the UK in 2016.
3. For media enquiries, please contact the FLA press office on 020 7420 9656.