Second charge mortgage new business has fallen 10 per cent by value and 13 per cent by volume in March, according to the latest figures.
This is compared with the same month last year.
The data was released today (11 May) by the Finance & Leasing Association (FLA), which found that in the first quarter of 2018 as a whole, new business increased 1 per cent by volume compared with the same quarter in 2017.
Fiona Hoyle, head of consumer and mortgage finance at the FLA, said: "March was a quieter month for the consumer credit markets in general. These latest figures show a stable picture for new business volumes in the first quarter overall.”
However Tim Wheeldon, chief executive officer at Lancashire-based Fluent for Advisers, said: “I don’t think some of the headlines I have read so far, highlighting the monthly fall in volumes, is the real story here.
"One month’s figures are not representative of a trend and while the month on month comparison shows a drop, the first quarter shows that the sector is ahead of last year’s figures.
"Our own experience at Fluent is that over the same period, we are registering record months with increasing volumes from our intermediary business.”
In 2017, FLA members provided £128bn of new finance to UK businesses and households.
aamina.zafar@ft.com
