Latest figures from the Finance & Leasing Association (FLA) show. that second charge mortgage lending returned to growth in June. However, quarterly lending fell by 9% by volume and 10% by value compared to the same quarter in 2022.
The number of new agreements stood at 32,575 over the past year, an increase of 5% compared to the 12 months prior.
Fiona Hoyle, Director of Consumer & Mortgage Finance and Inclusion at the Finance & Leasing Association (FLA), said “June saw a return to growth in the second charge mortgage market as new business increased by value and volume for the first time since January this year. The distribution by purpose of loan in June showed 58% of new agreements were for the consolidation of existing loans, 13% for home improvements, and a further 23% 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.”
|
Jun 2023 |
% change on prev. year |
3 months to Jun 2023 |
% change on prev. year |
12 months to Jun 2023 |
% change on prev. year |
|
| Value of new business (£m) |
136 |
4 |
354 |
-10 |
1,504 |
10 |
| Number of new agreements (No.) |
2,928 |
3 |
7,753 |
-9 |
32,575 |
5 |