Credit, Collections & Insolvency News
New figures released by the Finance & Leasing Association (FLA) have shown that second charge mortgage new business volumes grew by 29% in July. 2022.
Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and Inclusion at the Finance & Leasing Association (FLA), said “In July, the second charge mortgage market reported its highest monthly new total for new business volumes since September 2008. Of the total new agreements written in July, 54% were for the consolidation of existing loans, 15% for home improvements, and a further 26% were for both loan consolidation and home improvements.”
“As always, customers who are concerned about meeting payments should speak to their lender as soon as possible to find a solution.”
New second charge mortgage lending
|
Jul 2022 |
% change on prev. year |
3 months to Jul 2022 |
% change on prev. year |
12 months to Jul 2022 |
% change on prev. year |
|
| Value of new business (£m) |
146 |
45 |
410 |
42 |
1,406 |
55 |
| Number of new agreements (No.) |
3,127 |
29 |
8,854 |
31 |
31,543 |
45 |