Second charge mortgage new business increases by 48%

21st June 2022

New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes grew by 48% in April 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 “The second charge mortgage market reported another strong performance in April, with annual new business volumes only 4% below the pre-pandemic peak. Of the total new agreements written in April, 53% were for the consolidation of existing loans, 16% for home improvements, and a further 25% were for both loan consolidation and home improvement.”

“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

Apr 2022

%

 change on prev. year

3 months to Apr 2022

% change on prev. year

12 months to Apr 2022

% change on prev. year

Value of new business (£m)

127

54

385

58

1,285

83

Number of new agreements (No.)

2,802

48

8,520

49

29,432

72