Second charge mortgage new business increases by 37%

New figures released by the Finance & Leasing Association (FLA) show that second charge new mortgage business increased by 37% in August.

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 reported another strong performance in August, with annual new business volumes 5% higher than pre-pandemic.  The distribution by purpose remained in line with recent months: 54% of new agreements were for the consolidation of existing loans, 15% for home improvements, and a further 25% 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.”

	Aug 2022	%  change on prev. year	3 months to Aug 2022	% change on prev. year	12 months to Aug 2022	% change on prev. year
Value of new business (£m)	153	61	430	45	1,465	53
Number of new agreements (No.)	3,179	37	9,160	30	32,441	42