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13 May 2017

Buster Tolfree, United Trust Bank Commercial Director – Mortgages, comments on the FLA figures indicating that the volume of second charge mortgage business hit a nine year high in March.

“This growth is fantastic news for the whole second charge mortgage market.

“The last quarter’s year-on-year results were highly misleading due to the distortion associated with the implementation of the Mortgage Credit Directive in Q1 2016. We are now past that statistical bubble and moving forwards we will begin to see more “real-life” volume and growth figures. For context, the £93m of second mortgage completions reported by the FLA for March 2017 is the highest value of monthly completions since the FLA’s July 2008 figures were published.

“A significant factor driving this growth is likely to be independent mortgage advisers beginning to embrace second charge mortgages within a best-advice environment, and suggesting them more frequently as a very real alternative to a remortgage or further advance. At United Trust Bank, we are very proud to be a key contributor to this market growth and the increasing profile of the second mortgage product as a whole.”