Second charge mortgage new business fell 10% by value and 13% by volume in March, compared with the same month in 2017, according to the Finance & Leasing Association (FLA).
In the first quarter of 2018 as a whole, new business increased 1% by volume compared with the same quarter in 2017.
New second charge mortgage lending totalled £86 million in March.
Fiona Hoyle, head of consumer and mortgage finance at the FLA, said: “March was a quieter month for the consumer credit markets in general. These latest figures show a stable picture for new business volumes in the first quarter overall.”
Table: New second charge mortgage lending
| Mar 2018 | % change on prev. year | 3 months to Mar 2018 | % change on prev. year | 12 months to Mar 2018 | % change on prev. year | |
| Value of new business (£m) | 86 | -10 | 244 | 0 | 1,023 | +15 |
| Number of new agreements (No.) | 1,826 | -13 | 5,213 | +1 | 22,007 | +11 |