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The second charge mortgage market has continued to show signs of recovery with the number of new agreements and value of new business more than doubling compared to the same period last year.

According to the latest figures from the Finance & Leasing Association (FLA), there were 2,314 new second charge agreements in August, just over double the figure from the previous year. Last year, the market recorded 1,134 new agreements for August.

This continues a trend of growth, with 7,054 agreements in three months to August, more than double the figure of 2,761 during the same period last year.

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In the 12 months up to August there were 22,880 new agreements, which was up five per cent on the year before.

The value of new business for August was pegged at £95m, up from £43m during the same month last year but on a par with £102m in August 2019.

For the three months up to August the value of new business was estimated at £297m, and for the 12 months the value was £956m.

FLA’s director of consumer and mortgage finance and inclusion Fiona Hoyle said: “The second charge mortgage market continued its recovery from the pandemic in August. The market has reported more normal levels of new business in recent months which we expect to continue in the final quarter of 2021.”

By Anna Sagar

Source: Mortgage Solutions

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