Second charge mortgage new business volumes fall by 22%

20th November 2023

New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes has shown that Second charge mortgage new business volumes fell by 22% in September 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 reported lower levels of new business in September following a particularly strong performance in the same month last year and reflecting the weaker economic outlook.  The distribution by purpose of loan in September held steady with 59% of new agreements 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.”

 New second charge mortgage lending

Sep 2023

%

 change on prev. year

3 months to Sep 2023

% change on prev. year

12 months to Sep 2023

% change on prev. year

Value of new business (£m)

109

-25

354

-20

1,414

-6

Number of new agreements (No.)

2,440

-22

7,833

-17

30,964

-7