Second charge mortgage figures falls by 6%

New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes fell by 6% in November 2023.

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 is on track to record annual new business volumes in 2023 of 30,500 new agreements, 10% lower than in 2022. The distribution by purpose of loan in November showed that 60% of new agreements were for the consolidation of existing loans, 11% for home improvements, and a further 24% for both loan consolidation and home improvements.”

New second charge mortgage lending

	Nov 2023	%  change on prev. year	3 months to Nov 2023	% change on prev. year	12 months to Nov 2023	% change on prev. year
Value of new business (£m)	123	-6	353	-15	1,385	-11
Number of new agreements (No.)	2,646	-6	7,713	-14	30,411	-10