The Finance & Leasing Association (FLA) has reported that second charge mortgage new business in July totalled £98 million, up 6% year-on-year.

During the month, there were 2,162 new second charge agreements, a rise on 5% on July 2017.

Fiona Hoyle, head of consumer and mortgage finance at the FLA, said: “The second charge mortgage market made a positive start to the third quarter, with new business in July up 6% by value and 5% by volume.  

“The number of new agreements in this market grew by 2% in the first seven months of 2018, in line with expectations of modest single-digit growth in 2018 overall.”