Second charge market marginally down

The second charge mortgage market was down 2% in September.

New business totalled £77m in September, the same amount as 12 months previously, although the number of new agreements was 1,693, down 2%.

Fiona Hoyle, head of consumer and mortgage finance at the Finance & Leasing Association (FLA), said: “The fall in new business volumes in September comes amid subdued consumer confidence which has affected the housing market as a whole. It follows six consecutive months of growth in second charge mortgage new business volumes which grew by 11% in the first nine months of 2017 to 16,043.

“Lenders are continuing to embed the new regulatory regime which puts first and second charge mortgage regulation on the same footing.”

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