Second charge lending increases by 42%

New figures released by the Finance & Leasing Association (FLA) have indicated that the value of new second charge business secured in September increased by 42% compared to the same period last year.

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 “The second charge mortgage market returned another strong performance in September with further double-digit growth in new business by both value and volume. The distribution by purpose of loan in September showed 57% of new agreements were for the consolidation of existing loans, 15% for home improvements, and a further 22% 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

	Sep 2022	%  change on prev. year	3 months to Sep 2022	% change on prev. year	12 months to Sep 2022	% change on prev. year
Value of new business (£m)	145	42	444	49	1,508	51
Number of new agreements (No.)	3,138	29	9,444	31	33,141	39