The latest numbers from the finance and leasing association reveal that second charge mortgage business volumes grew in November and December 2018 when measured on an annual basis.
There were 3,782 new agreements in the month, up by 21% compared to the same months last year.
This brought the total number of agreements in the 12 months in December to 24,724, 6.8% growth overall.
The value of new business in November 2018 alone came to £99m, a fall of 4.8% compared to the previous month’s £104m of new business, but when looked at on a yearly basis, an increase of 21%.
In the year to December 2018, £1.08bn of second charge business was completed, a yearly increase of 4.7%.
The market has reported a relatively strong performance in recent months following a steady first half of 2018. The second charge mortgage market is likely to report solid single-digit new business volumes growth in 2019 overall as this form of lending increases in popularity.
The market is cautiously optimistic that this increase will continue this fiscal year, but it is important that brokers and homeowners are aware of the range of specialist financing options on offer.
A second mortgage continues to be a useful option for customers seeking to raise additional funds without wanting to change their existing mortgage. To find out more you should always contact a professional adviser as the options available are vast and varied.
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