"The second charge mortgage market has reported strong new business growth in 2019, with volumes likely to reach over 28,000 in the year as a whole."
The data shows that there were 2,658 new business agreements in October, totalling £118m in value.
In the 12 months to October, the number of new agreements was recorded at 27,431 - 20% higher than in the preceding 12 months. By value, £1,221m worth of business was transacted over the 12 months - an annual rise of 17%.
Fiona Hoyle, head of consumer and mortgage finance at the FLA, said: “The second charge mortgage market has reported strong new business growth in 2019, with volumes likely to reach over 28,000 in the year as a whole.
"The market is expected to continue to grow in 2020 but at a slower pace than in 2019."
